US Senate Passes COVID-19 Relief Bill Worth $2 Trillion
With over 65 000 confirmed COVID-19 cases in the US, the Senate has finally passed a stimulus package to ease the impact faced by the economy as the pandemic continues to spread. The relief bill is worth a massive $2 trillion, and it counts as the largest stimulus legislation in US history. The bipartisan legislation received a 96-0 vote from Senate lawmakers late Wednesday, although some were absent due to self-isolating and some being ill. Read on for more below!
What the Covid-19 Relief Bill Means
The Covid-19 relief bill promises to bring stimulus to individuals, households and small businesses which suffered shutdowns and layoffs during the shelter-in-place orders. This also includes bigger businesses which contribute to revenue such as casinos. Below are highlights of how the funds will be allocated:
- $500 billion for large business as they are facing major recessions.
- $367 billion loan program for small corporations.
- $340 billion to fight the Coronavirus outbreak including; $117 billion for hospitals, $45 billion for FEMA’s disaster relief fund and $11 billion for vaccines as well as other health care needs.
- $150 billion to assist state and local governments.
- $1,200will be directly paid to individual Americans and an additional $500 payment per qualifying child 16 and under (given the household does not earn $75,000 annually or $150,000 in joint returns.
The Coronavirus, officially known as COVID-19 broke in Wuhan, China last December. Since the outbreak, it has spread to at least 172 countries and regions around the world. Data shows that there have been over 471,000 confirmed cases reported worldwide since December. More than 21,200 people have died from the virus and there have been at least 114,400 recoveries.
Update: On March 27 2020, the US had the most number of confirmed Coronavirus cases, recording at least 81,321 infections and more than 1000 deaths. That is more than China, Italy or any other country in the world.
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