Agreement on $2,500 Trillion US Stimulus Package... Vote Possible as Early as the 25th

Amount exceeds the total disbursed in two rounds during the 2008 financial crisis

Includes unemployment benefits for laid-off workers, corporate loans, and small business relief plans

$1,200 paid per American citizen

Vote expected as early as the 25th

▲Mitch McConnell, U.S. Republican Senate Majority Leader [Image source=Yonhap News]

[Asia Economy Reporter Kwon Jaehee] The Donald Trump administration in the United States has reached an agreement with congressional leaders on the largest-ever $2 trillion (approximately 2,500 trillion KRW) economic stimulus package to respond to the novel coronavirus (COVID-19).

According to the Washington Post (WP) on the 25th (local time), Eric Ueland, the White House congressional liaison, announced that they have agreed on a $2 trillion economic stimulus package bill to mitigate the impact of COVID-19 in the U.S.

Ueland said, "We have finalized the agreement."

This stimulus package is the largest ever, exceeding the total amount of stimulus funds passed in two rounds during the 2008 global financial crisis.

The bill injects over $2 trillion in emergency funds into local governments and businesses. It also includes four months of unemployment benefits for laid-off workers and tax relief for corporations.

Specifically, the bill allocates $500 billion (approximately 614 trillion KRW) for major corporate loan programs through the Federal Reserve Board (FRB), $367 billion (approximately 450 trillion KRW) for a small business relief package, and $130 billion (approximately 159 trillion KRW) for hospitals.

It also includes direct payments of $1,200 (approximately 1.47 million KRW) per American citizen. One-time checks of $1,200 will be issued to Americans with an annual income of $75,000 (approximately 92 million KRW) or less.

Additionally, $150 billion (approximately 184 trillion KRW) will be allocated for state and local economic stimulus funds, and $200 billion (approximately 245 trillion KRW) in subsidies will be provided for public transportation, veterans, the elderly, and children.

The final negotiations included Senate Majority Leader Mitch McConnell of the Republican Party, Senate Minority Leader Chuck Schumer of the Democratic Party, Treasury Secretary Steven Mnuchin, Ueland, and newly appointed White House Chief of Staff Mark Meadows.

The last negotiation point was the provision of $500 billion in loans to large corporations. Both parties focused on agreeing on loan conditions such as restrictions on executive compensation and stock buybacks for companies receiving the funds during the final stages of the negotiations.

Meanwhile, if the bill is also passed by the House of Representatives, it is expected to be signed by President Trump and implemented immediately.

This content was produced with the assistance of AI translation services.