Stimulus Bill USA: Senate Approves $480 Billion to Small Business and HospitalsDaniel McCarthy (Author) Published Date : Apr 22, 2020 16:56 IST
After two weeks of deadlock, the Senate on Tuesday, April 21, passed the $484 billion coronavirus relief plan. The small businesses that were severely hit by the coronavirus will get $ 380 billion. And $ 75 billion is for the hospitals and $ 25 billion will be spent for the COVID 19 testing. The Congress will approve the legislation on Thursday, April 23, and after that, to pass more legislation to help the coronavirus hit Americans and the economy.
The Senate passing the nearly half a trillion $ 484 billion aid will bring in significant relief to small businesses are the worst sufferers from the coronavirus crisis. Already the $ 350 billion which was part of the $ 2 trillion rescue package called paycheck protection program passed last month was dried up last week. But experts say that it is not clear of how many firms that have in real received the money. And this new $ 380 billion will help the remaining to recover once the lockdown is lifted in a phased manner.
The small business loans that got $ 350 billion last month and to get another $ 380 billion is designed to keep the employees on the payroll. The recipients of the loan money need not pay the loan amount back if they use the money for wages, rent, benefits, and utilities. Last month money is said to have benefited only the large chain companies to leave a lot of small businesses without their share. Hence this new $380 billion is expected to help them out in this worst coronavirus crisis.
The Congress, after passing this $ 484 billion coronavirus aid legislation on Thursday is believed to move one or more bills for trying to rescue the economy. President Trump, on Tuesday, April 21, tweeted that in the next congressional package, he wants to see relief for state and local government, a payroll tax cut, and infrastructure funding.
Stimulus Bill USA: Senate Approves $480 Billion to Small Business and Hospitals