Senators reached a compromise on the Coronavirus relief package in a late-night session on Tuesday. The agreement was announced early Wednesday morning at about 1:30 am by Senate Majority Leader Mitch McConnell (R-Ky.) and Minority Leader Charles Schumer (D-N.Y.).
“This is a very important bipartisan piece of legislation that is going to be very important to help American workers, American business and people across America,” Treasury Secretary Steven Mnuchin told the Washington Post Wednesday morning. “We couldn’t be more pleased.”
Mnuchin added that he had “spoken to the president many times today; he’s very pleased with this legislation and the impact that this is going to have.”
In a written statement, Speaker Nancy Pelosi also that House Democrats will accept the compromise as well, saying, “This bipartisan legislation takes us a long way down the road in meeting the needs of the American people.”
Pelosi added, “The compromise does not go as far as” the Democratic bill, but said that “thanks to the unity and insistence of Senate and House Democrats, the bill has moved a great deal closer to America’s workers.”
The new version of the $2 trillion bill reportedly includes:
- $250 billion for individuals and families in the form of $1,200 payments for individuals who earn up to $75,000 and $2,400 for couples earning up to $150,000. There is an additional payment of $500 per child. Benefits phase out at $99,000 for singles and $198,000 for couples.
- $350 billion in small business loans
- $250 billion in unemployment benefits
- $500 billion in corporate loans
- $130 billion for hospitals
- $150 billion for state and local governments
- A provision that would prevent the Trump family, top government officials, and members of Congress from getting stimulus loans or investments
- Creates a special investigator general for pandemic recovery and establishes Pandemic Response Accountability Committee to oversee business loans
The Senate reconvenes this afternoon to consider the compromise. The Senate could pass the bill, which would then go to the House, by this evening.
Experts say that even after the bill is passed, it will take time for the federal government to get the money to the people. CNN notes that previous stimulus payments took from two to 10 weeks to process. Payments to people who have already filed tax returns and who have opted for direct deposit are likely to be received quicker than those to people who do not file returns or who have opted for paper checks.
[Updated 1:22 pm ET to include information on corporate loan oversight]