President Trump, flanked by his administration and GOP lawmakers signed the historic $2 trillion coronavirus stimulus package into law Friday afternoon in the Oval Office.
“I want to thank Republicans and Democrats for coming together, setting aside their differences and putting America first,” Trump said in a brief remark during the Oval Office signing ceremony. “This is a very important day. I’ve signed the single biggest economic relief package in American history and, I must say, any other package by the way. It is twice as large as any relief every signed. This will deliver urgently needed relief to our nation’s families, workers, and businesses. That’s what this is all about.”
He added, “We got hit by the invisible enemy and we got hit hard. I think we are going to have a tremendous rebound. It wants to rebound so badly, but we have to get rid of the bug, we have to get rid of the virus.”
The relief package, dubbed the CARES Act includes one-time payments to many Americans based on their level of income. Individuals who earn up to $75,000 will receive $1,200 each, while married couples earning up to $150,000 combined income will receive $2,400 plus an additional $500 for each child.
It also includes $387 billions in small business loans, $100 billion for hospitals, $200 billion for other “domestic priorities,” including child care and assistance for seniors, $250 billions in unemployment insurance benefits and $500 billion in loans for distressed companies.
The Senate unanimously passed the measure late Wednesday evening in a 96-0 vote. The House earlier in the day approved the bill overcoming the 11th hour drama that ensued when a GOP lawmaker threatened to delay the package to pass by unanimous consent.
“This is a proud moment for our country,” Senate Majority Leader Mitch McConnell said at the signing. “The Republicans and the Democrats all pulled together and passed the biggest bill in history in record time. The American people needed this rescue package, they needed it quickly, and we delivered.”
Trump urged Congress to quickly finalize the package on Thursday Coronavirus Task Force press briefing, saying the bill would “deliver much-needed financial assistance to hardworking families and small businesses.”
“I never signed anything with a T on it,” Trump said before penning his signature on the bill. “It’s a great honor.”
President Trump tweeted shortly after that he has signed the $2 trillion economic stimulus bill.
I just signed the CARES Act, the single biggest economic relief package in American History – twice as large as any relief bill ever enacted. At $2.2 Trillion Dollars, this bill will deliver urgently-needed relief for our nation’s families, workers, and businesses. #CARESAct🇺🇸 https://t.co/0WnTNFZPZD
— Donald J. Trump (@realDonaldTrump) March 27, 2020