President Donald Trump on Friday signed a $2 trillion emergency spending bill to combat the economic impact of COVID-19.
The far-reaching legislation — the largest economic stimulus bill in U.S. history — provides funding for hospitals, emergency loans for small businesses, enhanced unemployment insurance and financial assistance to Americans through direct checks to households.
"This will deliver urgently needed relief to our nation's families, workers and businesses, and that's what this is all about," the president said in the Oval Office after signing the legislation, according to CNBC.
President Trump signed the bill into law after the House passed the measure earlier Friday via a voice vote. The Senate approved the bill March 25.
The legislation, called the Coronavirus Aid, Relief, and Economic Security Act, provides more than $100 billion to hospitals, creates an emergency fund to reimburse healthcare providers for expenses or lost revenues related to COVID-19, and includes a 20 percent Medicare add-on payment for patients with COVID-19. The legislation also eliminates $8 billion in Medicaid Disproportionate Share Hospital payment cuts and temporarily suspends the Medicare sequester.
Several trade groups that represent hospitals, physicians, nurses and home healthcare providers have expressed support for the bill. The American Hospital Association called the bill "an important first step," and the Medical Group Management Association urged the administration to distribute the funds quickly.
Though it is unclear when the government will distribute some of the funding included in the bill, congressional leaders and the White House said some Americans will receive direct payments of up $1,200 within three weeks, according to CNBC.
Read more about the CARES Act and the funding it provides for hospitals and other healthcare organizations here.