Senate Reaches Agreement on $2 Trillion Stimulus Package

Washington DC National Capitol Building
Photo by Getty/lucky-photographer

The U.S. Senate unveiled a $2 trillion dollar stimulus package early Wednesday morning to mitigate the economic effects of COVID-19 (coronavirus) on all affected Americans.

"This pandemic is not the fault of the American workers who make this country run. It's not the fault of small business owners. It's not the fault of major, national employers. Everyone needs help, said Senate Majority Leader Mitch McConnell in a speech on the Senate floor.

The bi-partisan stimulus package, the largest ever proposed, includes $250 billion in direct payments for individuals and their families, $350 billion for small businesses, $250 billion in unemployment insurance benefits and $500 billion in loans for distressed companies, according to CNN.

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Also included in the bill is a $1,200, one-time check to Americans who make $75,000 or less. Those with little or no tax liability would receive the same amount. according to The Hill. 

The Senate plans to vote on the stimulus package later today. 

The U.S. Travel Association says the travel industry could lose up to 5.9 million jobs by the end of April. Hotels, cruises and big-name destinations, like Disney, have temporarily shut down. Industry leaders convened with the White House to discuss solutions. Hospitality companies have lobbied for bailouts, with the American Society of Travel Advisors is requesting $13.7 billion for advisors. All "non-essential" companies were faced with a difficult decision: stay open or close. 

Pouring money into the economy, in a way not seen since The Great Depression, could possibly reverse a prognosis that is becoming ever-so bleaker by the day. 

This is a developing story.

This story originally appeared on www.travelagentcentral.com.

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