Senate leaders have struck a deal for a massive stimulus package that is designed to prevent the United States from entering a recession caused by the coronavirus pandemic.
The deal, which is reportedly the largest stimulus package in U.S. history, will put approximately $2 trillion into the economy. Senate leaders announced that they had reached a consensus on the deal early Wednesday morning after extended negiotiations between senators and Trump administration officials.
As part of the deal, the federal government will send $1,200 to many Americans. It is unclear what the criteria for receiving a government check will be.
The largest part of the stimulus package will be a $500 billion lending fund to be used to support industries dealing with the coronavirus pandemic, as well as a $367 billion loan program for small businesses.
In addition, there will be $150 billion reserved for state and local governments and $130 billion for hospitals.
Airlines have been heavily impacted by the coronavirus crisis, with rising concerns that companies could go bankrupt. The Hill reports that the stimulus deal earmarks $25 billion for passenger airlines and $4 billion for cargo airlines.