What's in the $2 trillion COVID-19 aid package passed by Congress?

The bill was signed off by President Donald Trump on Friday.
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A $2 trillion federal package that is designed to help America's healthcare system, economy, and workers amid the coronavirus outbreak passed on Friday.

The Coronavirus Aid, Relief and Economic Security (CARES) Act was approved in both the Senate and the House this week, and was signed off by President Donald Trump on Friday.

Among the measures include a one-time payment to all those earning less than $99,000, amid surging unemployment relating to the various COVID-19 shutdowns.

Here's a look at some of the key spending included in the bill:

Payments to individuals, families – $290 billion

People earning less than $75,000 will receive a one-time cash payment of $1,200. Married couples filing jointly (with income of up to $150,000) will each get a check, as well as a payment of $500 per child.

The payment reduces after the $75,000/$150,000 thresholds, and disappears once it hits $99,000 for individuals and $198,000 for couples filing jointly.

Large corporations – $510 billion

The bill includes a massive loan program to help some of the country's biggest companies stay afloat during the crisis.

Every company that receives a loan will have to pay the government back, and will also be banned from carrying out stock buybacks for the length of the loan plus one year.

It also provides a refundable tax credit for closed or disrupted businesses to keep workers on the payroll, covering 50 percent of the first $10,000 of wages.

Per NPR, the bill includes $58 billion set aside to bailout the nation's airlines, part of which is require to cover employee wages, salaries, benefits etc.

The bill also creates a new position of Inspector General to provide oversight for the allocation of the loans, though President Trump said while signing the bill on Friday that he believe this infringes upon the separation of powers and doesn't consider it binding. It comes after concerns were raised that some of the big business funding could be used to assist Trump's own business empire.

Unemployment payments – $260 billion

There are now more than 3.3 million Americans filing for unemployment, and the unemployment assistance program has been expanded so the out of work get paid more and states receive help dealing with an influx of applicants.

Per the Tax Foundation, the federal government will pay an extra $600 a week on top of what states pay out in unemployment for four months, and also extend unemployment insurance benefits for an extra 13 weeks after state benefits end (Minnesota's is 26 weeks), through Dec. 31, 2020.

The government will also cover the first week of unemployment paid out by states, while unemployment insurance has also been extended to cover the self-employed, gig workers, independent contractors, and those with limited work histories through the end of the year.

Small business loans and grants – $377 billion

Includes $10 billion in grants of up to $10,000 to help small businesses cover immediate operating costs. A further $350 billion has been allocated to provide forgivable loans of up to $10 million to businesses.

NPR notes that if part of the loan is used for payroll, keeping workers on the books, or paying rent, mortgage or debt, that part of the loan is forgiven provided the workers stay employed through the end of June.

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Hospitals and healthcare – $180 billion

A $117 billion fund has been created for hospitals and clinics responding to COVID-19, according to CNN, as well as $20 billion set aside for veterans care.

Reimbursements for treating Medicare patients with COVID-19 will also be increased 20 percent.

Education – $32 billion

Federally-owned student loans and interest payments are deferred without penalty through Sept. 30.

The government is also allowing employers to provide up to $5,250 in student loan repayments on behalf of their employees, without it counting as income against the employee.

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