WASHINGTON — The U.S. House of Representatives passed the $2 trillion Cornavirus Aid, Relief and Economic Security (CARES) Act early Friday afternoon.
The stimulus package, aimed at aiding companies and workers struggling during the coronavirus crisis, was passed by voice vote, allowing members of the House who are sick, quarantined or out of Washington to remain where they are. The decision to use voice voting, which forgoes recording the names or numbers of representatives voting on each side, was initially publicly contested by several members of the House, who threatened to force a roll-call vote and delay the act’s passing.
Despite those initial concerns, the bill is now through the House, and President Trump has said he plans to sign the bill into law later today. The bill was initially passed in the Senate on Wednesday.
Here are key components of the package according to the Times and other national reports:
· Expands unemployment benefits, extending insurance by 13 weeks.
· Provides $1,200 in direct payments to workers with annual incomes up to $75,000. The amount decreases with higher incomes and is phased out for those making $99,000 or more. Families would also get an additional $500 per child.
· Establishes a $500 billion fund to aid distressed companies: $425 billion for the Federal Reserve to leverage for loans to businesses, and $75 billion for industry specific loans, the report said. Democrats prevailed on a provision for strict oversight by an inspector general and congressional committee. Companies that accept the money can’t buy back their company stock while on the assistance and for an additional year.
· Includes $350 billion to establish lending programs for small business, including-those that keep payrolls steady during the crisis. Companies that pledge to keep their workers would receive cash flow assistance structured as federally guaranteed loans, the Time reported, and if they continue to pays workers for the duration of the crisis, the loans would be forgiven.
