By Joshua Huff, sports editor
The $2 trillion stimulus deal struck by lawmakers of both parties early Wednesday morning will include sending personal checks to individuals as the coronavirus pandemic tightens its grip on the economy and the nation’s health care system.
The rescue package will allow for the government to send checks to American households in the middle class and lower income levels. Those checks will amount to $1,200 for single individuals and more for married couples and for parents, along with other payments. Previous editions of the package have allotted $500 per child under the age of 17.
“After sleep-deprived nights and marathon negotiating sessions, we have a bipartisan agreement on the largest rescue package in American history,” Senate Minority Leader Chuck Schumer said. “This bill is far from perfect, but we believe the language has been improved significantly to warrant its quick passage.”
However, the two-week period that Treasury Secretary Steven Mnuchin has mentioned as a time frame for people to receive their checks might be outside the realm of possibility.
In the past, the Internal Revenue Service has taken weeks to months to begin sending out checks. In 2001, it took the IRS six weeks to send out economic stimulus checks following President George W. Bush’s tax break. During the Great Recession in 2008, it took the IRS three months to send out checks.
Those that file for direct deposit will get their money faster, of course, but that still could take weeks.
The package also includes around $150 billion toward the nation’s health care system, $350 billion in assistance to small businesses; $500 billion in aid for airline companies, cruise lines and other vital companies that have been hurt by the outbreak, and close to $150 billion for state and local stimulus funds.
In addition, unemployment insurance will increase payments and extend benefits to those who would not normally qualify. It will also increase the maximum unemployment benefit that a state can give a person by $600 per week.
The plan will also create a Treasury Department Special Inspector General for Pandemic Recovery and a Pandemic Response Accountability Committee to oversee loans to businesses.
Businesses controlled by the president, vice president, members of Congress and heads of executive departments will be prohibited from participating in the loan program.
The deal comes as confirmed coronavirus cases throughout the nation have soared to over 55,000 and continue to climb.