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
What’s the latest on the extra COVID-19 unemployment benefits?
As of now, those $600-a-week payments will stop at the end of July. For many, unemployment payments have been a lifeline, but one that is about to end, if nothing changes. The debate over whether or not to extend these benefits continues among lawmakers.
With a spike in the number of COVID-19 cases, are restaurants and bars shutting back down?
The latest jobs report shows that 4.8 million Americans went back to work in June. More than 30% of those job gains were from bars and restaurants. But those industries are in trouble again. For example, because of the steep rise in COVID-19 cases in Texas, Gov. Greg Abbott, a Republican, increased restrictions on restaurant capacities and closed bars. It’s created a logistical nightmare.
Which businesses got Paycheck Protection Program loans?
The numbers are in — well, at least in part. The federal government has released the names of companies that received loans of $150,000 or more through the Paycheck Protection Program.
Some of the companies people are surprised got loans include Kanye West’s fashion line, Yeezy, TGI Fridays and P.F. Chang’s. The companies you might not recognize, particularly some smaller businesses, were able to hire back staff or partially reopen thanks to the loans.
You can find answers to more questions on unemployment benefits and COVID-19 here.
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