President Trump signed a record $ 2,200 billion economic bailout amid the complicated complication of the Covid-19 epidemic in the country with the number of cases exceeding 100,000.
President Trump on March 27 officially signed a record US $ 2,200 billion economic bailout amid the complicated complication of the Covid-19 epidemic in the country with the number of cases exceeding 100,000.
The focus of the largest bailout in US history is to provide direct financial assistance to people in the form of bank checks with income-based amounts.
Individuals earning $ 75,000 or less will receive $ 1,200 directly per person. Households with two adults with income up to USD 150,000 will receive USD 2,400. Families will also receive an additional $ 500 per child.
Subsidies are reduced for high-income earners. Individuals earning $ 99,000 or couples with incomes of $ 198,000 or more without children will not be eligible for cash assistance.
In addition, the bailout also provides billions of dollars to hospitals struggling to cope with the Covid-19 pandemic, as well as states and local governments that lack cash to spend on anti-epidemic work. .
Relief for companies is the biggest argument between Democrats and Republicans. In the final compromise, the bailout gave the monitoring authority to an independent inspector general and a supervisory committee of the US Congress.
The US $ 350 billion business loan package will help small businesses narrow their costs for up to 10 weeks.
The payout period is up to 8 weeks if they don’t lay off or hire employees who quit in June. This could help thousands of companies survive, at least temporarily.
Meanwhile, the bailout package provided $ 500 billion to support airlines and large corporations affected by the Covid-19 pandemic.