Breaking news is in that the Senate has officially passed the $2 trillion coronavirus economic relief bill.
The news comes just after it was announced during a press briefing on Wednesday that direct payments could be paid within 3 weeks to American taxpayers.
Keep scrolling for all the details, including exactly what it will mean for the economy.
And many have banned large and crowded events, and any travel to and from infected countries.
Our first case of COVID-19 was confirmed in Washington in late January after a citizen returned from a trip to China.
Since the first COVID-19 patient in Washington, there have been 65,342 more confirmed cases across the country and 922 deaths.
Last week, President Trump declared a national emergency to combat the coronavirus pandemic, freeing up $50 billion in federal funding and promising a screening website and drive-by tests.
Which prohibits any travel between the United States and any European country, including the United Kingdom and Ireland.
And many people have been descending into mass hysteria over the risks the virus brings with it.
People working in industries such as travel and dining have had their workplaces shut down due to the epidemic.
“These will be payments to small businesses, we’ve talked about loan guarantees to critical industries such as airlines and hotels, and we’ve also talked about a stimulus package to the American worker,” Mnuchin previously stated.
Mnuchin announced at today’s press briefing that: “Our expectation is within three weeks we will have direct payments out.”
What does this actually mean? Well…
The bill would extend $1,200 to most American adults, $500 for most children, create a $500 billion lending program for businesses, cities and states, and a $367 billion employee retention fund for small businesses, as per the Washington Post.
And, as negotiations kicked off, the figures rose from $850 billion to $2.2 trillion in just a matter of days.
Student loan payments will be suspended, $117 billion for hospitals (according to an estimate from the American Hospital Association), and a boost of $600 for unemployment benefits.
Another key part of the bill is $500 billion in loans, loan guarantees, and investments from the Treasury Department – specifically, $25 billion for passenger air carriers, $4 billion for cargo air carriers, and $17 billion for businesses that work in national security. The rest, $454 billion, will be given to provide loans to businesses, states, and municipalities.