Here's how the government wants to spend $2 trillion to protect the economy from coronavirus' effects
- The Senate's $2 trillion spending package will employ historic amounts of government cash to combat the coronavirus and its economic fallout.
- Legislators unveiled the fiscal stimulus plan Wednesday evening after days of blockages and hurried negotiations.
- Here's where the Coronavirus Aid, Relief, and Economic Security Act or the ''CARES Act,'' allocates its massive sum, from direct payments for Americans to nearly $1 trillion in wide-ranging business aid.
- Visit Business Insider's homepage for more stories.
A $2 trillion spending bill will release unprecedented amounts of aid to combat the coronavirus's effects across the US economy.
Senators unveiled the full text of the Coronavirus Aid, Relief, and Economic Security Act or "CARES Act" on Wednesday evening after days of blockages and negotiation between leaders in Congress and the White House. The approximately $2 trillion sum arrives as the coronavirus spreads throughout the nation and measures to restrict contagion rapidly slow economic activity.
The stimulus package went through several iterations before the Senate voted on the CARES Act on Wednesday evening at around 11 p.m. Eastern Time. The amendments voted on included changes to unemployment insurance provisions introduced by Republican Sen. Ben Sasse of Nebraska.
The legislation still requires passage by the Senate and the House of Representatives before making it to President Trump's desk.
Here's where the bill will allocate its funds, from corporate loans to direct payments for Americans.
Get the latest coronavirus analysis and research from Business Insider Intelligence on how COVID-19 is impacting businesses.
Nearly half of the bill's total aid is set aside for business loans.
Direct payments to lower- and middle-income Americans will reach $1,200 for each adult and $500 for each child younger than 17.
Hospitals and healthcare providers will receive a $100 billion injection.
The legislation vastly expands jobless benefits, extending insurance to four months and adding $600 to weekly payments on top of what state programs pay out.
States will receive $400 million to bolster election programs ahead of 2020 voting.
You can read the full text of the bill below:
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