Trump signs the $2 trillion coronavirus economic relief bill into law, which includes checks for Americans and business loans

trump signs coronavirus stimulus relief bill

  • Trump signed a $2 trillion economic relief package on Friday to shore up an economy battered by the coronavirus pandemic.
  • It will directly send $1,200 checks to millions of Americans and provide zero-interest loans to small businesses employing fewer than 500 workers.
  • It's also set to dramatically expand unemployment benefits.
  • Visit Business Insider's homepage for more stories.

President Trump signed the $2 trillion economic stimulus package to mitigate the worst effects of the coronavirus pandemic on the US economy on Friday. It will inject a flood of cash and make it available for businesses grappling with the fallout, as well as bolster the safety net for average Americans.

"I want to thank Democrats and Republicans for coming together and putting America first," he said at the signing.Advertisement

It's the largest stimulus package ever assembled and passed in American history. It will send checks to millions of Americans and dramatically expand unemployment benefits by adding $600 per week onto their state benefits - a priority among lawmakers as a record number of people filed for unemployment last week.

The legislation will also provide distressed businesses and industries with hundreds of billions of dollars in zero-interest loans, tax breaks and other emergency aid.

Read more: The world's biggest wealth manager expects the worst of the coronavirus to be over in the US by May - and lists 5 ways investors should prepare for the recovery now
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States and municipal governments are also slated to get $150 billion in additional federal funding to fight the outbreak under the relief bill. Another $100 billion will be directed to hospitals and healthcare facilities.

The House passed it on Friday, following the Senate approving it in a 96-0 vote on Wednesday. The economy has been ravaged by the coronavirus outbreak, compelling a shutdown that's fueling layoffs at a breakneck pace. Bars, restaurants, nail salons and other businesses across the country have closed their doors in a bid to keep the virus from spreading. Advertisement

That created a sense of urgency among top Democrats and the Trump administration, which quickly negotiated the federal spending package over the last two weeks. Four members of Congress have also tested positive for COVID-19 so far, the respiratory illness caused by the coronavirus.

Read more: GOLDMAN SACHS: Buy these 14 stocks, which all possess the 3 most important qualities for shielding against coronavirus fallout

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