5 THINGS TO KNOW ABOUT THE STIMULUS

Trump administration officials and top Democrats finalized an agreement early Wednesday on a roughly $2 trillion rescue package to confront the coronavirus pandemic, the largest economic stimulus measure in modern history. Here’s what’s in the package.

1. Direct payments to taxpayers

Lawmakers agreed to provide $1,200 in direct payments to taxpayers with incomes up to $75,000 per year before starting to phase out and ending altogether for those earning more than $99,000. Families would receive an additional $500 per child, in an attempt to create a safety net for those whose jobs and businesses are affected by the pandemic.

2. Unemployment benefits will grow

Lawmakers agreed to a significant expansion of unemployment benefits that would extend jobless insurance by 13 weeks and include a four-month enhancement of benefits. The program includes freelancers, furloughed employees and gig workers, such as Uber drivers.

3. Emergency loans for small businesses

The bill provides federally guaranteed loans available at community banks to small businesses that pledge not to lay off their workers. The loans would be available during an emergency period ending June 30 and would be forgiven if the employer continued to pay workers for the duration of the crisis.

“There is broad general agreement that small businesses in this country will not be able to survive unless there is extraordinary assistance,” said Sen. Marco Rubio, R-Fla., Small Business and Entrepreneurship Committee chair, who worked with Democrats to create the program. “The goal is to keep employees connected to their employers, so that people aren’t just having to stay home and aren’t just feeling the stress of being laid off, but the uncertainty of whether they’ll even have a job to go back to.”

4. Distressed companies can receive bailouts

Loans for distressed companies would come from a $425 billion fund controlled by the Federal Reserve, and an additional $75 billion would be available for industry-specific loans — including to airlines and hotels.

The creation of the Federal Reserve fund was one of the chief sticking points in the negotiations, as grim memories of the 2008 Wall Street bailout — which activists in both parties came to regard as a flawed program that benefited rich corporations at the expense of U.S. workers — hung over the negotiations. Democrats successfully pressed for immediate disclosure of the recipients and stronger oversight, including installing an inspector general and congressionally appointed board to monitor it. Companies that benefit could not engage in stock buybacks while they received government assistance, and for an additional year after that.

There is also a provision ensuring that Trump family businesses

— or those of any other senior government officials — cannot receive loan money through that fund, although they could potentially still benefit from other parts of the bill.

5. Hospitals would receive aid

The agreement includes $100 billion for hospitals and health systems across the nation, Sen. Chuck Schumer, D-N.Y., the minority leader, told Democrats in an early morning letter. It also includes billions more, he said, to furnish personal and protective equipment and increased for health care workers, testing supplies and new construction to house patients. Lawmakers also agreed to Medicare payment increases to all hospitals and providers, the letter said.