Trump’s Stimulus Bill Passes Senate Vote: Highlights
Arslan Butt • 1 min read
Trump’s massive plans for a near $2 trillion aid for workers and businesses impacted by the coronavirus pandemic was finally cleared late on Wednesday by the Senate. The bill has been cleared after much debate unanimously by the US Senate and now awaits a vote in the House of Representatives, which could take place as soon as this week.
The bill proposes the largest ever fiscal stimulus ever seen in the US and includes around $500 billion of financial aid to businesses that have been disrupted as a result of the outbreak and the lockdowns. Of this, around $25 billion of grants will be provided to the airline industry which has been suffering due to the travel restrictions, while cargo carriers and airline contractors could receive up to $4 billion and $3 billion respectively to cover payroll costs.
In addition, nearly $500 billion has also been set aside to help families via direct payments, a move that could offer some relief to the economy through this time of crisis. Workers earning less than $90,000 a year can receive up to $1,200 each and up to $500 per child.
More importantly, Trump’s stimulus also offers billions of dollars to the strained healthcare sector which can be used to procure critical medical equipment even as the country grapples with a rising number of cases and death toll. So far, the US has over 60,000 confirmed cases of coronavirus while the number of dead has increased to above 900.