ROCHESTER, Minn. - Workers, families and businesses across the U.S. may soon be getting relief in the form of a massive $2 trillion economic stimulus package.
The effort comes as the coronavirus pandemic has halted the nation’s economy.
Under the stimulus package the money will be spent across three sectors including distressed companies, small business loans and direct payments to individuals and families.
Democratic U.S. Sen. Tina Smith said, “This is really an unprecedented economic and health catastrophe.”
The hope is for Americans to use the money to help jump-start the economy but the focus is also to help struggling families stay afloat as millions lose their jobs across the nation.
Smith added, “The purpose of this is to make sure that families through no fault of their own lost their jobs, lost their way of supporting themselves, they have a bridge to make it through. This is really a giant bridge loan form all of us to the families that are struggling so much.”
Individuals earning up to $75,000 will receive $1,200 which is no small paycheck to Rochester single mother Julia Kaloumenos.
She said, “This will make a pretty big impact on me to help me pay for my rent, to help me buy diapers and wipes for my daughter, help me put food on the table since I'm laid off right now.”
Kaloumenos was laid off work since she’s a diabetic and at high-risk if she’s exposed to the coronavirus so the funds will help keep her and her family going through these difficult times.
She added, “This will impact me and hopefully other Americans in a positive way. You know, at this point, I feel like anything really helps.”
Married couples earning up to $150,000 will receive $2,4000 with an additional $500 per child in the family.
House members will have 24-hours to review the bill before it is expected to pass Friday morning.