SPRINGFIELD, MA (WGGB/WSHM) -- Senators reached an early morning deal on Wednesday on the coronavirus stimulus bill.
The $2 trillion package are expected to be passed by the end of today and sent to the House.
Lawmakers said the stimulus bill will give Americans earning under a certain threshold, immediate relief, and that many people would still qualify for a partial payment.
U.S. Senators, including Senator Chuck Schumer, reached a deal early Wednesday morning, on a coronavirus stimulus package to help Americans.
"To the American people we say, big help, quick help is on the way because we face about the most unprecedented health crisis we have," Sen. Schumer said.
The two trillion deal would give $1,200 to every worker making up to $75,000 a year.
It would give $2,400 to every couple earning up to $150,000 and $500 for every child under 17.
Reportedly under the bill, for single childless Americans who make more than $75,000, the payment would be reduced, with an income cap of $99,000.
Western Mass News spoke with financial advisor Richard Pelletier about the bill, which estimates show could give 90% of Americans either a partial or full payment.
"McConnell called this a wartime expenditure and that’s really what it is," Pelletier said.
He said that while the devil is still in the details of legislation, he believes seniors will be eligible.
"It says even if you paid no taxes whatsoever, a lot of seniors don’t pay taxes, they’re below that certain level, especially the lower level of retirees. The way I read this is they’re still going to get that $1,200 per person," Pelletier explained.
With billions set aside for small and struggling sectors, Pelletier expects it will help keep some businesses from closing their doors forever.
"It gives you breathing room. If your restaurant is closed down, some of them may be in such a tight margin it may put them under business," Pelletier said.
Another part of the stimulus bill includes roughly $100 billion for hospitals and health care workers.
Coming up on Western Mass News at 6 p.m. on ABC40, we will hear from a local hospital on the kind of federal help they said is the most critical right now.