President Donald Trump signed the $2 trillion coronavirus stimulus bill on Friday afternoon less than three hours after the House of Representatives voted to approve it.
“I just signed the CARES Act, the single biggest economic relief package in American History – twice as large as any relief bill ever enacted. At $2.2 Trillion Dollars, this bill will deliver urgently-needed relief for our nation’s families, workers, and businesses,” Trump tweeted after the signing.
I just signed the CARES Act, the single biggest economic relief package in American History – twice as large as any relief bill ever enacted. At $2.2 Trillion Dollars, this bill will deliver urgently-needed relief for our nation’s families, workers, and businesses. #CARESAct🇺🇸 https://t.co/0WnTNFZPZD
— Donald J. Trump (@realDonaldTrump) March 27, 2020
Earlier on Friday, Trump had said the bill was “going to take care of people.” He previously said he planned to sign it immediately.
The House managed to pass the bill over the procedural objections of one GOP lawmaker, Rep. Thomas Massie of Kentucky.
The coronavirus relief plan previously passed in the U.S. Senate on Wednesday. A Sunday vote in the Senate was originally expected before a partisan breakdown delayed the measure.
Among the bill’s provisions, individuals who earn $75,000 or less in adjusted gross income would get direct payments of $1,200 each, while those making more than $75,000 would see smaller direct payments. Those making $99,000 or more would be excluded entirely from the direct payments.
The Senate provisions of the bill included up to $500 billion in loans for businesses affected by the pandemic and subsequent closures. The bill also plans for $377 billion in loans and grants for small businesses, $150 billion for local, state and tribal governments struggling with a drop in revenue and $130 billion for hospitals.
The $2 trillion price tag amounts to more than half of the $3.5 trillion the federal government expects to collect in taxes this year, and is 9% of the nation’s gross domestic product.
A further $150 billion is allocated to hospitals, including $100 billion in grants for nursing homes, hospitals, clinics and other health care providers to buy up key medical supplies like face masks, gloves and ventilators.
Other measures in the relief plan include a $400 million to assist states in preparation for the 2020 election, aimed at assisting states in supporting mail and early vote methods. Another $25 million for the John F. Kennedy Center for the Performing Arts in Washington, D.C. is also included in the bill.
The U.S. has risen to the country with the highest number of confirmed coronavirus cases. According to Johns Hopkins University’s coronavirus case tracking map, the U.S. has confirmed more than 94,000 cases, with more than 1,400 deaths and 813 recovered cases.