President Trump signed the $2 trillion economic stimulus package to mitigate the worst effects of the coronavirus pandemic on the US economy on Friday. will inject a flood of cash and make it available for businesses grappling with the fallout, as well as bolster the safety net for average Americans.
It’s the largest stimulus package ever assembled and passed in American history. It will send checks to millions of Americans and dramatically expand unemployment benefits by adding $600 per week onto their state benefits a priority among lawmakers as a record number of people filed for unemployment last week.
The legislation will also provide distressed businesses and industries with hundreds of billions of dollars in zero-interest loans, tax breaks and other emergency aid.
States and municipal governments are also slated to get $150 billion in additional federal funding to fight the outbreak under the relief bill. Another $100 billion will be directed to hospitals and healthcare facilities
The House passed it on Friday , following the Senate approving it in a 96-0 vote on Wednesday.
The economy has been ravaged by the coronavirus outbreak, compelling a shutdown that’s fueling layoffs at a breakneck pace. Bars, restaurants, nail salons and other businesses across the country have closed their doors in a bid to keep the virus from spreading.
That created a sense of urgency among top Democrats and the Trump administration, which quickly negotiated the federal spending package over the last two weeks. Four members of Congress have also tested positive for COVID-19 so far, the respiratory illness caused by the coronavirus.