The proposed package was for $1.8 trillion dollars to be injected into the economy.
Everyone remembers from their 9th grade U.S. history class that 60 senate votes are required to pass a bill. The cloture vote on the "shell of the bill" was well short, with only 47 senators responding "Aye" and an equal amount reporting "Nay."
With five senators now self-quarantining, the remaining 95 senators need to come to a bipartisan agreement to pass the economic stimulus package bill.
BREAKING: The Senate's trillion-dollar coronavirus stimulus bill has failed to clear a key procedural vote. https://t.co/rTGQr0hrID— Axios (@axios) March 22, 2020
How much of that money was earmarked for businesses and how much of it would affect hospitality employees sitting at home? This is not so black and white, and it's one of the arguing points for Republicans and Democrats. The latter want more oversight of the $500 billion that the Treasury could distribute to corporations and the restrictions and rules in place for a company to access this money.
Aside from the $500 billion for corporations, small businesses were set to receive $350 billion to help offset employee terminations and layoffs. In addition, a $1,200 check would be sent to "many Americans" along with $500 per child, help with insurance for the unemployed, and funds for medical emergencies.
While this has potential for change, it was reported that small businesses would be able to obtain loans up to 250 percent of their one-month payroll. If it is used for qualifying business expenses—which includes rent and employees—Marco Rubio of Florida says the loan would be forgiven.
At this time, a new vote could come as early as tomorrow or Tuesday. As an alternative, the Democrat-controlled House of Representatives said they could introduce new legislation there first if the bill in the Senate cannot come to terms.
This news is still developing and this article will be updated with more information as it becomes available.