White House, Senate agree to $2 trillion COVID-19 rescue package
The White House and Senate leaders of both major political parties have agreed on an unprecedented $2 trillion measure to rush aid to businesses, workers and a health care system slammed by the coronavirus pandemic.
The urgently needed pandemic response measure is the largest economic rescue measure in history. It’s intended as a weekslong or monthslong patch for an economy spiraling into recession and a nation facing a potentially ghastly toll. A top White House aide announced the agreement in a Capitol hallway early Wednesday.
The deal caps days of often intense haggling and mounting pressure. The package still needs to be finalized in detailed legislative language.
COVID-19 Economy FAQs
Which businesses are allowed to reopen right now? And which businesses are actually doing so?
As a patchwork of states start to reopen, businesses that fall into a gray area are wondering when they can reopen. In many places, salons are still shuttered. Bars are mostly closed, too, although restaurants may be allowed to ramp up, depending on the state. “It’s kind of all over the place,” said Elizabeth Milito of the National Federation of Independent Business.
Will you be able to go on vacation this summer?
There’s no chance that this summer will be a normal season for vacations either in the U.S. or internationally. But that doesn’t mean a trip will be impossible. People will just have to be smart about it. That could mean vacations closer to home, especially with gas prices so low. Air travel will be possible this summer, even if it is a very different experience than usual.
When does the expanded COVID-19 unemployment insurance run out?
The CARES Act, passed by Congress and signed by President Donald Trump in March, authorized extra unemployment payments, increasing the amount of money, and broadening who qualifies. The increased unemployment benefits have an expiration date — an extra $600 per week the act authorized ends on July 31.
You can find answers to more questions here.
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