Written by Colleen Fitzpatrick (News Writer)
Due to the coronavirus, businesses have been suffering all around the nation. A deal has been reached for a 2-trillion coronavirus stimulus bill. It is the largest bill in U.S. history. That title comes with a price tag, however- the number is equivalent to 9% of the nation’s gross domestic product. It is meant to provide direct financial aid to help individuals, hospitals, and businesses. The bill includes more than $377 billion for small businesses, $15o billion for local and state governments as well as $130 billion for hospitals, according to those who were involved in the negotiations.
The $2-trillion stimulus bill is expected to include direct payments of $1,200 or less to most adults(people over 18 who have filed their taxes), loans to businesses and an expansion of unemployment insurance and other aspects of the social safety net. This comes at a time when millions of Americans across the nation have been asked to stay home and avoid school and or work to reduce the spread of the disease. The amount of the one-time payments, which officials hope can go out to Americans as soon as early April, will be based on the income that was reported in 2018 taxes, declining gradually starting with people who made $75,000 or married couples who filed jointly and made $150,000. People who are making $99,000 or above would receive no check. This goes the same to married couples who are making $198,000 or more. People would also be receiving an additional $500 per child.
Airlines have been begging for a bailout recently due to the slow business caused by the coronavirus. The Trump administration has responded to the airline industry’s requests and proposed a $5o billion bailout. The ultimate goal with this is to jolt the American economy by flooding it with cash. Ro Khanna and Tim Ryan, who are members of the U.S. House of Representatives, represent California and Ohio, have publicly shown their support for sending checks of up to $6,000 to help ease workers’ pain during the coronavirus epidemic. They called for an emergency Earned Income Tax Credit (EITC) to send checks of $1,00 and $6,000 to the more than three-quarters of American workers who would qualify for this. Within three weeks of the legislation’s passage, 200 million Americans would receive checks, which would be followed with monthly payments through the end of 2020. The proposal would serve independent contractors especially, as well as hourly and gig workers. “In order to alleviate the economic fallout of the coronavirus, we must ensure hard-working Americans have money in their pockets and are able to pay their bills,” Khanna stated, according to Jessica Corbett from Common Dreams. He also spoke about how we must soften the blow for workers as large gatherings and events have been canceled and hours are cut.