After five days of intense negotiations, the White House and Senate leaders have finally reached a deal this morning on a $2 trillion stimulus package. The package will provide tax rebates, four months of expanded unemployment benefits and a slew of business tax-relief provisions to aid in individual, family and business finances.
The deal includes:
• $500 billion for a major corporate liquidity program through the Federal Reserve
• $367 billion for a small business loan program
• $100 billion for hospitals
• $150 billion for state and local governments
American citizens who earn up to $75,000 annually will receive a one-time check in the amount of $1,200.
The bill bans stock buybacks for any corporation that accepts government loans during the term of their assistance plus one year.
ABC will continue to update members as information becomes available.
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