House Passes $2.2T Coronavirus Relief Bill

The first two bills were about addressing the emergency of the situation, Pelosi said. “This bill today is about mitigation. It doesn’t mean we’re finished with emergency, but mitigating some of the health and economic” impacts of the coronavirus. “Next we will move to recovery, but always addressing emergency and mitigation needed.”

Patrick McHenry, R-N.C., the top Republican on the House Financial Services Committee, said after the vote that the CARES Act, “while not perfect, is the appropriate action to provide necessary resources to get Americans and our economy through this national emergency.”

His ultimate goal for the bill, he continued, “is to keep Americans employed. Specifically, this bill will provide relief to our small businesses to help them keep employees on payroll and prepare those businesses to be up and running as soon as America is open for business again.”

The relief bill also provides Treasury Secretary Steven Mnuchin and Federal Reserve Board Chairman Jerome Powell “with the resources they need to address the liquidity crisis facing main street businesses that employ millions of Americans,” McHenry said.

— Related on ThinkAdvisor:

• Some Americans Could Hit Snags Getting Stimulus Cash, Planner Says
• Here’s Who Gets the Stimulus Cash, and How Much
• Stock Market Likes $2 Trillion Stimulus Bill, but It May Not Be Enough
• Stimulus Plan Includes Temporary RMD Waiver