Overwhelming Relief Package
The US senate has announced an overwhelming relief package of $2 trillion to reduce the worst effects of the rapid economic slowdown as a result of the coronavirus pandemic. The Senate Majority Leader Mitch McConnell said, “Our nation obviously is going through a crisis that is totally unprecedented in living memory. As of now, 68,472 coronavirus cases have been found in the US with a death toll of 1032. “The legislation now before us is historic because it is meant to match a historic crisis,” said Senate Minority Leader Chuck Schumer.
This is the largest rescue package in the American history. Array of programs including direct payments to Americans, an aggressive expansion of unemployment insurance, billions of dollars in aid to large and small businesses, and a new way of significant healthcare funding are covered in this legislation.
Key Provisions of the Package
- This package will provide financial assistance to Americans with direct checks to households in the middle class and lower income levels.
- An extended unemployment insurance program for laid-off workers that will allow for four months of ‘full pay’. Maximum unemployment insurance benefit will also be raised by $600 per week. Traditional workers for small and large businesses as well as those who are self-employed and the workers in the gig economy will be the beneficiaries.
- More than $150 billion for the healthcare system that includes funding for hospitals, research, treatment, and the strategic National stockpile to raise the supplies of ventilators, masks and other equipment.
- $150 to state and local governments to address spending shortages related to the coronavirus pandemic.
- $350 to the small businesses impacted by the pandemic in the form of loans.
