Congress has reached an agreement on emergency legislation to rush aid to keep Americans staying afloat. State leaders say passing the one-of-a-kind bill was the right thing to do.
"The idea is to help people through this very, very difficult time, fight the disease aggressively as we can and make sure we keep businesses alive so employers will be there and people will have jobs to go back to," said Republican Senator Pat Toomey.
The $2 trillion deal is the largest economic rescue measure in history and is intended as a financial patch for an economy believed to be spiraling into a recession. Experts hope it will provide some financial relief for everyday citizens wondering how they will pay their bills.
"The work after the bill is signed into law and getting it implemented and getting the dollars out of the door and getting people the help they need right away is going to be a huge challenge for the administration, but they have to do it," said Democratic Senator Bob Casey.
Here is a break down of the numbers:
- Single Americans making up to $75,000 a year are expected to receive a $1,200 check, with the money being reduced if you make more than that
- Americans making $99,000 a year would not qualify for a check
- For married couples, it's doubled and they will receive checks for $2,400. Those checks would be less if they make between $150,000 to $198,000 a year
- The stimulus also provides $500 in additional money for children under 17 in a household
Small businesses will benefit from $377 billion worth of relief aid.
"Small businesses will be able to borrow money, cover their payroll and they won't have to pay the loan back. So literary, the government is going to pay the payroll for small business," said Toomey.
If this passes the Senate, it has to go back to the House for approval. At this point, it's not clear when the rescue checks will be issued.