President Trump on Friday signed into law a historic $2.2 trillion coronavirus rescue package, the largest stimulus deal in United States history, as the pandemic devastates the nation’s economy and sickens thousands.
The bill includes $500 billion in direct checks to American families, $500 billion in small business loans, $150 billion in hospital funding and a $150 billion relief fund for state and local governments, among other measures.
Trump signed the CARES Act in the Oval Office just hours after the package was passed in the House with overwhelming bipartisan support.
The bill also ensures furloughed workers will receive a full paycheck for four months during the crisis, while mortgage holders affected by the virus will be allowed to suspend repayments for up to 12 months.
Lawmakers in Congress worked at breakneck speed to pass the bailout which is an urgent lifeline to American families, small business owners and sectors like the airline industry who have been devastated by the COVID-19 health crisis.
After days of furious horse trading, the Senate passed the bill on Wednesday evening and hundreds of lawmakers returned to the House chamber on Friday morning to ensure Trump could swiftly sign the bill into law.
Only one GOP lawmaker threatened to delay the passage of the bill on Friday — the stunt prompting President Trump to fire-off a tweet calling for him to be thrown out of the Republican Party.
Officials can now begin their efforts to distribute $1,200 checks to American taxpayers who earn less than $75,000 a year — a dividend which the Trump administration wants paid by April 6.
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