President Donald Trump signed a $2.2 trillion rescue package Friday, tossing a life preserver to a U.S. economy and health care system left flailing by the coronavirus pandemic.
The U.S. House approved the sweeping measure by a voice vote, as strong majorities of both parties lined up behind the most colossal economic relief bill in the nation's history. It will ship payments of up to $1,200 to millions of Americans, bolster unemployment benefits, offer loans, grants and tax breaks to businesses large and small and flush billions more to states, local governments and the nation's all but overwhelmed health care system.
It is unlikely to be the end of the federal response. House Speaker Nancy Pelosi said issues like more generous food stamp payments, aid to state and local governments and family leave may be revisited in subsequent legislation.
The legislation makes way for a flood of subsidized loans, grants and tax breaks to businesses facing extinction in an economic shutdown caused as Americans self-isolate by the tens of millions. It dwarfs prior Washington efforts to take on economic crises and natural disasters, such as the 2008 Wall Street bailout and President Barack Obama's first-year economic recovery act.
But key elements are untested, such as grants to small businesses to keep workers on payroll and complex lending programs to larger businesses.
The legislation would provide one-time direct payments to Americans of $1,200 per adult making up to $75,000 a year and $2,400 to a married couple making up to $150,000, with $500 payments per child.
Unemployment insurance would be made far more generous, with $600 per week tacked onto regular state jobless payments through the end of July. States and local governments would receive $150 billion in supplemental funding to help them provide basic and emergency services during the crisis.
The legislation also establishes a $454 billion program for guaranteed, subsidized loans to larger industries in hopes of leveraging up to $4.5 trillion in lending to distressed businesses, states, and municipalities.
There was also $150 billion devoted to the health care system, including $100 billion for grants to hospitals and other health care providers buckling under the strain of COVID-19 caseloads.
Most people who contract the new coronavirus have mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia, or death.