Coronavirus live updates: Details of massive stimulus bill emerge as US cases top 46,000

This is CNBC’s live blog covering all the latest news on the coronavirus outbreak. All times below are in Eastern time. This blog will be updated throughout the day as the news breaks. 

  • Global cases: More than 398,000
  • Global deaths: At least 17,000
  • US cases: At least 46,500
  • US deaths: At least 590

The data above was compiled by Johns Hopkins University. 

As Republicans and Democrats forged ahead toward a deal on a massive economic stimulus proposal to combat the effects of the coronavirus pandemic, details of the developing proposal started to emerge. 

Here are some of the top components of the plan as it stood Tuesday morning, according to congressional leaders:

  • Cash payments of up to $2,400 for married couples and $500 per child
  • A $350 billion fund for small businesses to mitigate layoffs and support payroll
  • $240 billion in health care relief
  • $75 billion in aid for hospitals

Senate Democrats struck down the bill in a procedural vote on Monday amid a gulf in what both parties wanted to include in it. But they made progress by Tuesday morning, as Senate Minority Leader Chuck Schumer said the sides were at “the 2-yard line.” —Jacob Pramuk, Yelena Dzhanova

Starbucks CEO Kevin Johnson said that the coffee chain believes the COVID-19 outbreak in the U.S. is following a comparable path to what happened in China. 

“It may be that in the United States it’s a little bit longer, a week or two longer period to see the recovery. It may be the same recovery, but right now it’s tracking in a very similar way to China,” Johnson said on CNBC’s “Squawk on the Street.”

Johnson said Starbucks built a model to follow the company’s business recovery in China, where the coronavirus pandemic began in late December. “It’s now like week three here in the U.S. and we look back at what happened in China and we sort of know what to expect,” Johnson said. —Kevin Stankiewicz

Most of America’s department stores are sitting dark. 

Macy’s, J.C. Penney, Nordstrom and Kohl’s have closed their shops across the U.S. temporarily, to try to help halt the spread of COVID-19. Many specialty shops found in the mall, such as American Eagle and Gap, have also closed up. Some mall owners, including the biggest in the U.S., Simon Property Group, have shut all of their properties for the time being. 

But there is still at least one department store chain keeping its doors open: Dillard’s.

CNBC spoke to multiple employees, one of which said they were “begging” for the company to close. The workers all requested anonymity to protect their jobs. —Lauren Thomas

Stocks rebounded aggressively from a three-year low as investors hoped U.S. lawmakers were close to an agreement on a stimulus bill to rescue the economy from the damage caused by the coronavirus.

The Dow Jones Industrial Average soared 1,600 points, or more than 8%. The S&P 500 gained 7.5% while the Nasdaq Composite advanced 6.6%. The Dow and S&P 500 closed at their lowest levels since late-2016 on Monday. —Fred Imbert, Thomas Franck

Source: https://www.cnbc.com/2020/03/24/coronavirus-live-updates.html

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