The White House and Senate leaders reached a deal shortly before 2 a.m. on a massive $2T coronavirus stimulus bill to combat the economic impact of the outbreak, NBC News reports. Under the plan, people making up to $75,000 a year are expected to receive checks of $1,200.
Couples making $150,000 will receive $2,400 with an additional $500 per child. The payments would decrease for those making more than $75,000, with an income cap of $99,000 per individual or $198,000 for couples.
The bill is also expected to include roughly $100B in assistance for hospitals, $350B in assistance to small businesses to help them meet payroll, $500B in aid for corporations, such as airline companies and cruise lines.
Unemployment insurance would also be bolstered to increase payments and extend the benefit to those who typically do not qualify such as gig economy workers, furloughed employees and freelancers.
The spending package, which is the third round of emergency legislation approved to combat COVID-19, now moves to the House, whose members are currently at home in their districts.