$484 bn economic relief bill passed

4 bn economic relief bill passed

The U.S. Congress has passed a $484 bn COVID-19 relief package. This is the fourth aid bill the Congress has cleared for the Pandemic. The House of Representatives approved the legislation 388-5 topping small business aid fund, while funding hospitals and testing. President Donald Trump has said that he will enact the bill, which passed the Senate unanimously on Tuesday.

United States has been struck hard by the COVID-19. The U.S. has over 845,000 confirmed cases and 46,800 deaths. Last month, Washington enacted the largest economic stimulus package in U.S. history, with $2 trillion in coronavirus aid. The total federal spending on COVID-19 totals up to $3 tn. The spending will swell the U.S. budget deficit towards record levels.

The Democrats and Trump are keen on for another relief bill that could top $1 tn, but the Republicans are not big fan of it. Republican Senate leader Mitch McConnell has drawn criticism after he said that he would support states declaring bankruptcy rather than having the federal government “borrow money from future generations”.

The COVID-19 has taken a toll on the economy as reports show that over the last five weeks, more than 26 million Americans have filed for unemployment claims. Last week alone, 4.4 million filings were claimed. The Paycheck Protection Program were given $310 bn in new funds by lawmakers. The PPP offers loans to small businesses so they can keep employees on the payroll. The $349bn allocated to the programme last month ran out last week after just 13 days, leaving millions of business owners questioning how they could keep operating.

There was an outcry when it emerged that the funding was obtained by large, publicly traded companies. However, the U.S. Treasury has given them until 7 May to return the money without penalty. Democrats insisted during the negotiations for the latest stimulus package that the funds should be allocated for hospitals and testing.

Staff writer for the Chicago Morning Star

Related Posts
Trump calls to return papers seized by FBI
Former President Trump on Sunday called on the FBI to return documents reportedly seized at
Facebook Oversight Board Upholds Ban on Donald Trump
Facebook’s oversight board on Wednesday, May 5, 2021 decided to uphold the company’s indefinite suspension
Trump continues final crackdowns on Chinese firms
President Donald Trump has placed more bans and investment sanctions on the biggest Chinese companies
Trump becomes first US president to be impeached twice
President Donald Trump has been impeached for enticing deadly riots at the US Capitols on
FBI warns about armed protests by Trump supporters ahead of Biden inauguration
The Federal Bureau of Investigation (FBI) issued a warning about the plans of armed protests
Obama Invited Trump to White House; Trump Hasn’t Done the Same for His Successor
Four years ago on this day, on November 10, 2016, then-President Barack Obama invited President-elect,
White House Coronavirus Task Force Warns of Dire Consequences
President Donald Trump had claimed at campaign rallies that the COVID-19 pandemic would vanish on
Trump-appointed judges made it tougher to vote
Senate Majority Leader Mitch McConnell has harmed the administration of the 2020 election by continuing
Trump returns to campaign trail after testing positive for COVID-19
Donald J. Trump, the president of the United States of America, has returned to the
People protest against Senate Majority Leader’s vow to replace Ginsburg on supreme court
Mitch McConnell, the Senate Majority Leader, vowed the voting in Senate for the replacement of