WASHINGTON - The U.S. Senate on Thursday unanimously approved an unprecedented stimulus package to alleviate the devastating economic impact of the coronavirus pandemic.
Here are major elements of the plan. Cost estimates are provided by the Committee for a Responsible Federal Budget.Direct payments of up to $1,200 each to millions of Americans, with additional payments of $500 per child. Payments would be phased out for those earning more than $75,000 a year. Those earning more than $99,000 would not be eligible.Payments for jobless workers would increase by $600 per week. Laid-off workers would get those payments for up to four months.
Companies tapping the fund would not be able to engage in stock buybacks and would have to retain at least 90% of their employees through the end of September. They would not be able to boost executive pay by more than $425,000 annually, and those earning more than $3 million a year could see their salaries reduced.
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