It will pump trillions into an economy devastated by the coronavirus. Here's a glimpse into what the deal will offer.
The sprawling measure is the third coronavirus response bill produced by Congress and by far the largest.
Europe is enacting its own economic recovery packages, with huge amounts of credit guarantees, government spending and other support.
The pandemic and the social distancing rules aimed to curb its spread have forced many businesses to resort to layoffs and furloughs.
From this sum, direct payments of $1,200 will be given to adult Americans who make $75,000 or less in adjusted gross income. Most of those funds would be used to guarantee loans that small businesses could use to keep their cash flow going - and thus keep employees on their payroll and make other necessary payments - while the economy sputters. Another $500 will also be given for each child in a family. It will also raise the maximum unemployment insurance benefit by $600 per week.
"It's been a long hard road with a remarkable number of twists and turns, but for the sake of millions of Americans, it will be worth it", said Senate Minority Leader Chuck Schumer (D-NY), who negotiated past midnight for days with a White House team.
Coronavirus: PM to address nation at 8pm today
As of right now, the lockdown will be enforced for 21 days. " Social distancing is the only option to combat coronavirus". He added that "many families will be destroyed forever" if the country doesn't get a grip on the outbreak, CNN reports .
The package includes an unprecedented injection of loans, tax breaks and direct payments for major corporations and individual taxpayers to help the United States economy get through an abrupt shutdown as people avoid social interaction and businesses close to keep from spreading the coronavirus. It also seems like companies getting bailouts have no requirements on executive compensation or keeping workers hired. The Republicans had to make concessions regarding that fund after the Democrats criticised it for lack of oversight. The original bill left it to the Treasury Department to determine which businesses get loans and allowed it to wait up to six months to disclose where the money went.
Another $25 billion goes to public transit systems, $4.35 billion of that to NY - with $3.8 billion for the Metropolitan Transportation Authority, whose ridership collapsed as COVID-19 spread.
Any company receiving a government loan would be subject to a ban on stock buybacks through the term of the loan plus one additional year.
Hospitals and health systems across the country are expected to get $130 billion in emergency grants, while billions more would be spent on medical and personal protective equipment. Chuck Schumer, the Democratic leader, while Republicans pressed for tens of billions of dollars for additional relief to be delivered through the Federal Emergency Management Agency, the lead federal disaster agency.
The drive by leaders to speed the bill through the Senate was slowed as four conservative Republican senators from states who economies are dominated by low-wage jobs demanded changes, saying the legislation as written might give workers like store clerks incentives to stay on unemployment instead of returning return to their jobs since they may earn more money if they're laid off than if they're working.
Pelosi said in a Tuesday interview that she hopes to pass the bill via unanimous consent, a procedure that does not require the lawmakers' physical presence.