WASHINGTON (CN) — Congress approved a $900 billion coronavirus stimulus package Monday evening that includes direct payments to most Americans and more funding for state and local governments.
The bitter slog of negotiations came to a rapid conclusion after lawmakers finally released text of legislation that will inject much-needed help into the U.S. economy, which has been bruised and battered by the Covid-19 pandemic for nearly a year. It took passing two continuing resolutions in both chambers for lawmakers to reach a consensus on relief language, but the bill will now be sent to President Donald Trump for his signature.
The package approved by the House and Senate also includes $1.4 trillion to fund the federal government through 2021.
The legislation passed the House by a more than 300 vote majority and cleared the Senate in a similar bipartisan fashion by a 92-6 vote.
Republican Senators Rick Scott of Florida, Marsha Blackburn of Tennessee, Ted Cruz of Texas, Rand Paul of Kentucky, Mike Lee of Utah and Ron Johnson of Wisconsin voted nay on the package.
Those relying on unemployment benefits since the novel coronavirus outbreak shuttered businesses across the country will see a $300 boost under the new relief bill, though that’s half of what was included in the CARES Act passed in March. The supplemental $600 in jobless benefits expired in the summer.
The new legislation also includes $600 direct payments to American adults earning up to $75,000 a year, or $1,200 for married couples making up to $150,000. That’s also half of what was included in the larger stimulus package this spring. For those who received the first round of checks, that stimulus has only amounted to just over $4 per day since late March.
Speaker of the House Nancy Pelosi lamented Monday morning that the direct payments for individuals and families will not be as high as the first ones. Democrats had pushed for another round of $1,200 stimulus checks in the $2.2 trillion Heroes Act, which was never passed by the Senate.
“I would have liked them to have been bigger but they are significant and they will be going out soon,” Pelosi said from the House floor.
The first round of checks had President Trump’s signature on them. Pelosi stressed Monday ahead of the new stimulus package’s rollout that the forthcoming checks are not a Donald Trump production, but a taxpayer one.
“The president may insist on having his name on the check but make no mistake: Those checks are from the American people. The American people’s names should be on that check, no individual. Those are the sources of those resources for those checks,” she said.
During an appearance on CNBC on Monday morning, Treasury Secretary Steve Mnuchin vowed payments would be delivered as soon as next week.
Senate Majority Leader Mitch McConnell pushed back on Pelosi’s comments about bigger checks, saying Democrats were insistent on an “all or nothing” approach.
On Democrats’ push to renew $600 weekly unemployment benefits, McConnell said repeatedly Republicans would reject “far-left demands” to extend jobless benefits that paid Americans more to stay home than to work.
A provision in the CARES Act passed this spring required employers to give paid sick leave for two weeks if they became infected with Covid-19. But in the version passed tonight, that requirement has been omitted. McConnell successfully barred the benefit during negotiations ahead of passage.
The package gives roughly $284 billion to the Paycheck Protection Program, which was designed as a lifeline for small businesses during the coronavirus crisis. Another $20 billion will go to businesses in low-income communities and $15 billion is included for businesses like movie theaters and live music venues.