The Senate unanimously passed a $2 trillion stimulus bill that it hopes will alleviate some of the economic turmoil caused by the coronavirus pandemic.
It is the largest economic rescue package in U.S. history, according to The Washington Post. The legislation will now head to the House where it will meet a vote on Friday. President Trump said that he intends to sign it right away.
“Our nation obviously is going through a kind of crisis that is totally unprecedented in living memory,” Senate Majority Leader Mitch McConnell (R-Ky.) said. The Senate plans to recess until April 20 unless urgent legislative action is needed.
The bill will put $1,200 checks into many Americans’ pockets, with $500 additional for each child. The legislation also includes a $367 billion loan program for small businesses and creates a $500 billion lending fund for industries, cities and states. There will be $150 billion for state and local stimulus funds and $130 billion set aside for hospitals.
A record 2 million to 4 million Americans are expected to apply for unemployment, easily breaking the record of filers that was set back in October 1982 with 700,000 filing at the time.