The largest emergency aid package in US history was today approved by the Senate. After a 96-0 vote, the $2 trillion dollar bill, HR 748, the "Keeping American Workers Paid and Employed Act" now moves to the House where it is expected to be quickly approved.
Chief provisions of the bill include:
- $250 billion set aside in direct payments to individuals and families
- $350 billion in small business loans
- $250 billion in unemployment insurance benefits
- $500 billion in loans for distressed companies
- $150 billion in hospital funding
- $130 billion for cash-strapped state and local governments
Perhaps the most talked-about provision of the bill will send most individuals in America who earn $75,000 or less a year a one-time check for $1,200.
Markets reacted favorably to the Senate's action with the Dow Jones Industrial Average up more than 1,300 points.