The legislation, unprecedented in its size and scope, aims to flood the economy with capital by sending $1,200 checks to many Americans, creating a $367 billion loan program for small businesses and setting up a $500 billion fund for industries, cities and states.
Other provisions include a massive boost to unemployment insurance, $150 billion for state and local stimulus funds, and $130 billion for hospitals. The bill more than doubled in size in just a few days.
McConnell said the Senate would pass the legislation later Wednesday. With the House out of session, action there could take longer, depending on whether lawmakers can agree to pass the bill by “unanimous consent,” which would require agreement from all members of the chamber.