President Trump just tweeted that he has signed the $2 trillion economic stimulus bill, which just hours earlier passed in the House of Representatives.
"I just signed the CARES Act, the single biggest economic relief package in American History – twice as large as any relief bill ever enacted. At $2.2 Trillion Dollars, this bill will deliver urgently-needed relief for our nation’s families, workers, and businesses. #CARESActFlag of United States," Trump tweeted.
Read Trump's tweet:
5:12 p.m. ET, March 27, 2020
French government delivers 800,000 masks to the police
From CNN's Barbara Wojazer in Paris
A box of protective masks at the medical center for testing patient for the COVID-19 virus, in Paris on Friday, March 27. Philippe Lopez/AFP/Getty Images
The French government has announced a new supply of masks for officers after seven police unions issued a "solemn warning" to Interior Minister Christophe Castaner that they will stop enforcing lockdown measures unless provided with protective masks.
Interior Ministry spokesperson Camille Chaize said on Thursday that 800 000 masks have already been delivered to police forces, and an additional one million masks should arrive this weekend or at the beginning next week.
Chaize also thanked postal services for donating 300,000 masks to the police.
5:17 p.m. ET, March 27, 2020
Governor asks people coming into West Virginia to quarantine for 14 days
From CNN's Sheena Jones
Youtube/Governor Jim Justice
West Virginia Gov. Jim Justice, speaking at a news conference Friday, asked anyone coming into the state to quarantine for 14 days.
Officials said they are concerned people will enter West Virginia to escape Covid-19 hot zones.
The announcement comes as the state reports 76 cases of coronavirus.
5:20 p.m. ET, March 27, 2020
Detroit police chief tests positive for coronavirus
From CNN's Stephanie Gallman
Detroit Police Chief James Craig, center, speaks to the media at Detroit Public Safety Headquarters in Detroit on November 21, 2019. David Guralnick/Detroit News/AP
Detroit Police Chief James Craig has tested positive for coronavirus, Mayor Mike Duggan said during a news conference Friday.
Duggan also said 39 Detroit police officers have tested positive for the virus, and 468 are in quarantine. Duggan said Craig is at home and has not been hospitalized.
4:25 p.m. ET, March 27, 2020
How much will I receive from the stimulus bill?
From CNN's Sean O'Key and Katie Lobosco
Liu Jie/Xinhua via Getty
Congress just passed a $2 trillion stimulus bill to address the growing economic crisis caused by the coronavirus pandemic.
Included are direct payments to many Americans. Individuals are eligible for up to $1,200 and couples would receive up to $2,400 — plus $500 per child.
But the payments would start phasing out for individuals with adjusted gross incomes of more than $75,000. The amount would then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 would not receive anything. The income thresholds are doubled for married couples.
Income would generally be based on one's 2019 or 2018 tax returns.
The money will likely be deposited directly into individuals' bank accounts — as long as they've already authorized the IRS to send their tax refund that way over the past two years. If not, the IRS would send out checks in the mail.
The White House has said they hope to begin distributing cash quickly, but it may take weeks before the bulk of payments go out.
4:27 p.m. ET, March 27, 2020
US stocks close lower, but post historical weekly gains
From CNN’s Anneken Tappe
Kearney Ferguson/NYSE via AP
US stocks finished the session in the red on Friday, but that didn’t keep major indexes from posting one of their best weeks ever after a monstrous rally between Tuesday and Thursday.
Here's where things stand:
The Dow closed 915 points, or 4.1%, lower. It recorded its best week since June 1938, gaining 12.8%.
The S&P 500 finished down 3.4%, for a weekly gain of 10.3% — its best since March 2009.
The Nasdaq Composite fell 3.8%. On the week it’s up 9.1% — its best performance since March 2009.
Remember: As stocks settle after the trading day, levels might still change slightly.
4:21 p.m. ET, March 27, 2020
Illinois governor says Trump's comments about ventilators could be "deadly"
From CNN's Hollie Silverman
Charles Rex Arbogast/AP
Illinois Gov. J.B. Pritzker said President Trump's comments about ventilators during a television appearance Thursday could be "deadly."
Pritzker said that Trump questioned whether more ventilators were needed during an appearance the same day the US reported more cases than China and Italy.
"At worst the comments are deadly," Pritzker said.
He said his state is still working to obtain more personal protective equipment and supplies, including ventilators, at the recommendation of epidemiologists and doctors on the front lines of the pandemic.
4:11 p.m. ET, March 27, 2020
Trump invokes the Defense Production Act on General Motors to supply ventilators
From CNN's Matthew Hoye
Alex Brandon/AP
President Trump has invoked the Defense Production Act for the first time, requiring General Motors to supply ventilators.
"Today, I signed a Presidential Memorandum directing the Secretary of Health and Human Services to use any and all authority available under the Defense Production Act to require General Motors to accept, perform, and prioritize federal contracts for ventilators," Trump said in a statement.
Some context: US automakers have come to the rescue when the nation has faced supply shortages during wartime in the past. Ford built heavy bomber airplanes and GM built amphibious assault craft, among other things. So it seems only natural that, in the rush to address the critical shortage of ventilators in the US due to the coronavirus pandemic, automakers would again be among the first to answer the call to help.
Last week, Trump tweeted that automakers have the green light to make ventilators, although he stopped short of issuing formal ordersto do so under the Defense Production Act at that time.
But switching from cars to ventilators is not so easy. Ventilators are complex machines that use sophisticated software and specialized parts, and companies that seek to manufacture them face several hurdles — including intellectual property rights, the need for specially trained workers, regulatory approvals and safety considerations.
4:15 p.m. ET, March 27, 2020
Illinois reports 488 new cases of coronavirus
Nam Y. Huh/AP
At least 488 new cases of coronavirus have been identified in Illinois Friday, bringing the state total to 3026 cases, a news release from the Illinois Department of Public Health said.
Eight new deaths were reported, bringing the number of deaths to 34, the release said.
Patients with confirmed cases range in age from under 1 to 99, according to the release.
About 86% of fatalities are in those older than 60, the release said.