US President Donald Trump has signed a $484 billion relief package, amid the country’s continued efforts to sustain its economy amid the deadly coronavirus pandemic. The relief package allocation has been done in the following manner:
- $370 billion for giving loans to small businesses so that they can keep paying their employees while remaining shut amid the COVID-19 lockdown.
- $60 billion for Small Business Administration disaster assistance loans and grants.
- 475 billion to help hospitals cover their costs as COVID-19 patients keep rushing in.
- $25 billion to boost COVID testing across the country.
Both Republicans and Democrats agreed that the $484 billion relief package is a great boost to the American economy, and is the most important trnch of the $2 trillion rescue package passed last month. Senate Majority Leader Mitch McConnell commented that the small business program is specifically saving millions of American jobs every day.
A few days ago, the $350 billion Paycheck Protection program ran dry, as large companies were alleged of sanctioning large loans, leaving virtually nothing for small businesses. The US Treasury directed large publicly traded companies a couple of days ago to return their loans within 7th of May.
House Speaker Nancy Pelosi hinted that the COngress would pass another bill that would grant around $700 billion as a relief for states and municipalities. Pelosi commented, “There will be a bill, and it will be expensive. And we look forward to doing it as soon as possible because jobs are at stake, protection of our people, the health and well-being of the American people are at stake. And the sooner we get this done the better.”
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