'A real step forward': Stocks climb after lawmakers agree $2 trillion coronavirus stimulus
The Senate is set to vote on a bill that would provide around $500 billion in loans and other assistance to companies and state and local governments, grant north of $350 billion in aid to small businesses, and earmark $150 billion for hospitals and other healthcare providers,The proposed legislation would also deliver $1,200 checks to lower-and middle-income American adults and $500 for each of their children, Bloomberg reported.
The bill is also set to ban companies that receive bailouts from buying back their shares, place limits on their executive bonuses, and impose requirements for worker protections, Bloomberg said. A new Treasury inspector general would supervise distribution of the funds, and senior officials including President Donald Trump and his family wouldn't be eligible, Bloomberg reported.
"To all Americans I say: Help is on the way, big help and quick help," said Chuck Schumer, the Senate's minority leader,"The agreement signed overnight in Congress is a real step forward for the US economy in the fight against the virus," Brian Kloss, manager of the Legg Mason Brandywine Global Income Optimiser fund, said in a morning note.
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