After five days of intense negotiations, a bipartisan agreement has been reached on a $2 trillion,
bipartisan stimulus bill, a revised version of the CARES Act introduced a few days ago by
Majority Leader McConnell.
The final text is still under review, but the Senate will be back in session at 12pm with a final
vote on the bill likely later today. The bipartisan agreement has both the support of the
Administration and House Speaker Pelosi, who indicated yesterday she plans to bring the Senate
passed bill to the House floor by Unanimous Consent or voice vote to ensure that House
Members do not need to return to DC to vote on this measure.
Minority Leader Schumer circulated a Dear Colleague letter early this morning highlighting
changes Democrats negotiated to the original version of the bill. McConnell and Schumer also
sent out a statement early this morning on the Senate floor announcing a bipartisan agreement
had been reached. Both letters are attached for reference.
Key components of this compromise bill include the following:
● Direct stimulus of $1200 per adult and $500 per child for individuals up to $75,000 and
$150,000 per couple;
● $500 billion in loans and loan guarantees for impacted businesses with stronger oversight
of loans provided to large employers;
● Expanded Unemployment Insurance now providing four months (up from three months)
of federal pandemic UI at up to $600 per week above the compensation level claimants
would receive at the state level;
● $130 billion for hospitals, health care systems, and community health centers (increased
from $75 billion);
● $150 billion for a state and local coronavirus stabilization relief fund;
● $30 billion for Education, (an increase of $10 billion);
● $366 billion for forgivable small-business loans, with $17 billion set aside for businesses
in low-income areas and investment companies that provide venture capital to small
● $10 billion for SBA Economic Injury Disaster Loans emergency grants of up to $10,000
to provide immediate relief for small business operating costs;
● $30 billion for a Disaster Relief Fund to provide financial assistance to state, local, tribal,
and territorial governments, as well as private nonprofits providing critical and essential
House leadership officials have indicated this will not be the last round of pandemic related
funding, they expect to have two more rounds of funding in the coming weeks or months, which
will both address ongoing needs and economic recovery efforts.