What $2 trillion stimulus passed by Senate last night means to you?

Posted: Updated:
 
User: Kane In Your Corner To: link

 

A $2 trillion stimulus package that would provide millions of families with cash to help with expenses, and increased unemployment benefits to people out of work, is now one step away from being signed into law.

Photos: The Impact of Coronavirus Around the World

 

The bill was unanimously approved by the US Senate late Wednesday night. The House of Representatives is expected to approve it Friday.

VIRUS TRACKER: New York, New Jersey, Connecticut coronavirus cases and deaths 
MORE: LIVE BLOG - Coronavirus updates from the tri-state area and beyond
MORE: New Jersey Coronavirus Dashboard 
FULL COVERAGE: Coronavirus Pandemic


Kane In Your Corner has been tracking what the stimulus means to you.

RELATED:

Under the legislation, families will get money directly from the government: $1,200 for individuals, $2,400 for couples, $500 per child, up to two. The payments start decreasing at incomes of $75,000 for individuals, $150,000 for couples. They disappear at $100,000 for individuals, $200,000 for couples.

PHOTOS: Scenes of eerie calm amid coronavirus pandemic

 

Sen. Chuck Schumer (D - New York) says Democrats had hoped for larger checks, but says the proposal is a win.

"This is the art of compromise," Schumer says. "This is the art of coming together. America needed huge help quickly, and I think we've risen to that occasion."

The stimulus would also include help for small business owners, including low-interest loans that would be forgiven if they keep workers employed.

People out of work would get an extra month of unemployment benefits, and those benefits would be increased by up to $600 per week. That's enough for most workers to replace their full salaries. It would also cover some people who are normally excluded.

"In this bill we allow self-employed people, gig workers, who don't traditionally benefit from Unemployment Insurance to also apply if they're in effect they're out of work and they can't do what they did before," says Congressman Tom Malinowski (D - New Jersey).

MORE: Your Coronavirus self-isolation photos

 

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."