President Donald Trump signed the CARES Act on Friday, an approximately $2 trillion coronavirus rescue package, at the White House.
“I never signed anything with a ‘T’ on it,” Trump said, referring to the cost of the bill.
The president signed just hours after the House passed the bill by voice vote, allowing members of Congress to remain away from Washington, DC, to help stop the spread of the coronavirus.
The legislation is approximately 880 pages long.
“I want to thank Republicans and Democrats for putting their differences aside and putting America first,” Trump said.
The president called for a massive relief package last week to help the economy survive the massive economic shutdown as a result of the coronavirus restrictions.
The bill will give direct payments of up to $3,400 for a typical family of four for many Americans, offer small business loans to help maintain payroll, fund hospitals fighting the virus, provide expanded unemployment insurance, and offer major assistance for industries affected by the outbreak.
“This will deliver urgently needed relief to our nation’s families, workers, and businesses,” Trump said. “And that’s what this is all about.”
Trump noted that the bill would not allow corporate recipients of the funds to use the money for stock buybacks and would limit bonuses to corporate executives.
“We’re going to keep our small businesses strong and our big businesses strong,” he said. “And that’s keeping our country strong and our jobs strong.”