The legislation will provide billions of dollars in credit for struggling industries, a significant boost to unemployment insurance and direct cash payments to Americans.
The measure increases unemployment payments and extends the benefit to those who typically do not qualify, such as gig economy workers, furloughed employees and freelancers. The bill increases the maximum unemployment benefit that a state gives to a person by $600 per week for four months.
The bill also provides for direct payments to Americans, giving individuals who make up to $75,000 a year checks for $1,200, couples making up to $150,000 payments of $2,400, and an additional $500 per child. The payments decrease for those making more than $75,000, with an income cap of $99,000 per individual or $198,000 for couples.
The legislation also provides $100 billion to hospitals; $350 billion to small businesses; $500 billion to corporations, including airline companies and cruise lines; and about $150 billion for state and local stimulus funds.