Coronavirus: Congress passes $484bn economic relief bill
Coronavirus: Congress passes...
Subscribe to Newsletter

Coronavirus: Congress passes $484bn economic relief bill

24 April 2020
1871
2 min.
5
Coronavirus: Congress passes $484bn economic relief bill

The US Congress has passed a new Covid-19 relief package totalling $484bn (£391bn), the fourth aid bill to clear Congress in response to the pandemic.

The legislation, approved 388-5 by the House of Representatives, tops up a small business aid fund, while funding hospitals and testing.

President Donald Trump said he would enact the bill, which passed the Senate unanimously on Tuesday.

The US has over 845,000 confirmed cases of the virus and 46,800 deaths.

Last month, Washington enacted the largest economic stimulus package in US history, with $2 trillion in coronavirus aid.

Thursday's bill will bring the total federal spending on Covid-19 relief up to $3tn, swelling the US budget deficit towards record levels.

Mr Trump and Democrats are keen on passing another relief bill that could top $1tn, but the president's fellow Republicans are not keen.

Republican Senate leader Mitch McConnell has drawn bipartisan criticism for saying he would support states declaring bankruptcy rather than having the federal government "borrow money from future generations".

The economic ravages of the pandemic were brought into sharp focus on Thursday by official unemployment figures that showed over 26 million Americans have filed for jobless claims in the last five weeks - and 4.4 million last week alone.

In Thursday's bill, lawmakers gave $310bn in new funds to the Paycheck Protection Program, which offers loans to small businesses so they can keep employees on the payroll.

The $349bn allocated to the programme last month ran out last week after just 13 days, leaving millions of business owners questioning how they could keep operating.

There was uproar when it emerged large, publicly traded companies had obtained the funding, and the US Treasury has given them until 7 May to return the money without penalty.

During negotiations for the latest stimulus package, Democrats insisted funds be allocated for hospitals and testing.

Hospitals will receive $75bn, and $25bn will go towards expanding Covid-19 testing - which experts have emphasised is a key step to reopening the economy. 

Thursday's legislating took place with social distancing - lawmakers waited in their offices for the vote, came to the floor in small groups and the chamber was cleaned between votes.

Ohio Republican Jim Jordan angered some Democrats for appearing on the House floor - and reportedly coughing - without a face covering.

Source: https://www.bbc.com/news/world-us-canada-52398980

Persons2 and Companies3 in the news

United States Senate majority leader
1 place
45th President of the United States
2 place
Section:
Rating companies
Instagram
17 Mention
Netflix
14 Mention
X (Twitter)
10 Mention
White House
8 Mention
TikTok
8 Mention
Tesla
8 Mention
Us Weekly
7 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director
Population
8169212173
Died this year
53001859
Born this year
130393954