The White House and legislative leaders from both parties came together this week to work on the largest economic stimulus bill in this country’s history. The legislation, totaling two trillion dollars in aid, comes amidst the beginnings of a recession during the COVID-19 pandemic. Of that two trillion dollars, $150 billion is set aside for local, state, and tribal governments. Of that $150 billion, Minnesota is estimated to receive approximately $2.2 billion in aid. In addition to the $150 billion:
- $30 billion will go into what is called an Education Stabilization Fund, for education-related costs incurred by the coronavirus
- $45 billion will be placed in the Disaster Relief Fund for immediate availability to states who incur costs related to their coronavirus response
- An extra $4.3 billion will be routed through the Center for Disease Control to aid in public health agencies’ response to COVID-19
- A $500 billion dollar lending fund will be created for businesses, cities, and states
On an individual basis, a direct payment of $1,200 will be made to every American earning up to $75,000 a year with an additional $500 for each dependent child. The stimulus package seeks to patch the economy during the coronavirus response and represents a wide-reaching bipartisan effort to pass this urgently needed legislation quickly. Negotiations were tense and round the clock for several straight days, but the result is a stimulus package which will benefit businesses, local governments, and individual Americans across the board.