Skip to main content

Market Overview

US Congress Clears $900B COVID-19 Relief Bill, $1.4T Government Spending Plan

US Congress Clears $900B COVID-19 Relief Bill, $1.4T Government Spending Plan

The Republican-controlled U.S Senate passed a $2.3 trillion COVID-19 relief legislation with an overwhelming majority vote of 92-6 Monday night. The legislation includes the much-awaited $900 billion COVID-19 aid package and a $1.4 trillion measure to fund the government through September.

What Happened: The second-largest relief economic bill in U.S. history reached the Democrat-controlled House on Monday evening, after congressional leaders from both parties agreed to a deal on Sunday. The House passed the bill with 359-53 votes in favor of the bill on Monday evening.

The Bill has been sent to the White House for outgoing President Donald Trump's signature.

The entire legislation spans around 5,600 pages. Congress also passed a seven-day stopgap spending to keep the government open during the time it takes for the paperwork to complete. Trump has signed the H.R. 1520 bill that will keep the U.S. government open until Dec. 28, CNN reports.

Why It Matters: The relief bill will reach Americans just in time before the end of the year if Trump gives his nod within the anticipated timeline.

The US Treasury Secretary Steven Mnuchin said that direct payments could be in American's bank accounts before the year is out. "People are going to see this money at the beginning of next week," Mnuchin said.

Some of the important contents of the $900 billion relief package, as earlier noted by CNN, include:

  • Direct payment checks of up to $600 per adult and child, half of what was approved in March. $300 per week for unemployment insurance benefits.
  • $284 billion in forgivable Paycheck Protection Program loans and $15 billion in funding for live venues, independent movie theaters, and cultural institutions.
  • $20 billion to buy COVID-19 vaccines and $8 billion for vaccine distribution.
  • $82 billion for schools and colleges and to reopen classrooms safely.
  • $45 billion to support transportation services. This includes $2 billion for airports, $1 billion for Amtrak, and $16 billion in support of airlines.

Related News: How The Restaurant Industry Will Be Served Under Latest PPP Relief

Photo courtesy: Gage Skidmore via Flickr


Related Articles (SPY)

View Comments and Join the Discussion!

Posted-In: cnnGovernment News Regulations Politics Top Stories Media General Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at