Senate And White House Agree To $2 Trillion Stimulus Package

Marriott International CEO Arne Sorenson has been called to testify at a March 7 Senate hearing regarding data breaches in the private sector.
U.S. Senate // Getty Images/lucky-photographer

The U.S. Senate unveiled a $2 trillion dollar stimulus package early this morning to mitigate the economic effects of COVID-19 on all affected Americans.

"This pandemic is not the fault of the American workers who make this country run. It's not the fault of small business owners. It's not the fault of major, national employers. Everyone needs help," said Senate Majority Leader Mitch McConnell in a speech on the Senate floor.

The bi-partisan stimulus package, the largest ever proposed, includes $250 billion in direct payments for individuals and their families, $350 billion for small businesses, $250 billion in unemployment insurance benefits and $500 billion in loans for distressed companies, according to CNN

DAILY NEWS & DEALS NEWSLETTER

Like this story? Subscribe to Daily News & Deals!

Featuring breaking news on the latest product launches, deals, sales promotions, and executive appointments. Be sure to sign-up for this free industry daily newsletter.

Also included is a $1,200, one-time check to Americans who make $75,000 or less. Those with little or no tax liability would receive the same amount. according to The Hill. 

The Senate plans to vote on the stimulus package later today. 

The U.S. Travel Association, just a few days ago, said the travel industry could lose up to 4.6 million jobs by the end of April. Hotels, cruises and big-name destinations, like Disney, have temporarily shut down. Industry leaders convened with The White House to discuss solutions. Hospitality companies have lobbied for bailouts, as reported by Luxury Travel Advisor. All "non-essential" companies were faced with a difficult decision: stay open or close. 

Pouring money into the economy, in a way not seen since The Great Depression, could possibly reverse a prognosis that is becoming ever-so bleaker by the day. 

This is a developing story.

Related Stories 

U.S. Travel Association: Worst Travel Job Losses In Next 6 Weeks

It’s Just Another Day At Work For Travel Advisors

President Trump Delays Real ID Deadline

Study: Accurate, Timely Info Will Help Travel Recover From COVID-19

Suggested Articles:

MMGY Global CEO Clayton Reid expects that travel industry recovery will happen "sooner than people can see clearly today." Read more here.

After the House approved the $2 trillion COVID-19 stimulus package on Friday, President Donald Trump signed the bill into law. Read more here.

From Thailand to Nepal, tourists across Asia are finding their vacations turning to nightmares as airlines cancel flights and countries close borders.