(WASHINGTON, D.C.) — On Monday, both the House of Representatives and the Senate have approved a $900 billion COVID-19 rescue package in an overwhelming vote, 359-53 and 91 to 7, respectively.
The COVID-19 relief bill was attached to a must-pass $1.4 trillion spending bill that funds the government through September 2021. The total cost of the package is $2.3 trillion, making it the second largest economic stimulus in US history.
The COVID-19 agreement includes $600 for individuals making up to $75,000 per year, $1,200 for couples making up to $150,000 per year, as well as a $600 payment for each dependent child. The bill also provides $300 per week in enhanced federal unemployment benefits through March 14, 2021.
Additionally, the agreement provides funds for loans from small and minority-owned lenders and directs another $20 billion to small business grants.
President Donald Trump is expected to sign the bill later this week and U.S. Secretary of the Treasury Steven Mnuchin estimates that eligible recipients will receive payments as soon as next week.
“The good news is this is a very, very fast way of getting money into the economy. Let me emphasize: people are going to see this money at the beginning of next week,” Mnuchin said in a phone interview with CNBC.