Trump signs $2 trillion coronavirus stimulus bill to provide relief for workers and businesses devastated by coronavirus outbreak
President Donald Trump on Friday signed the $2 trillion coronavirus economic stimulus bill to provide relief to millions of Americans devastated by the pandemic. It is the largest economic relief package in modern U.S. history.
“I want to thank Democrats and Republicans for coming together and putting America first,” Trump said. “We got hit by the invisible enemy and we got hit hard,” he added. “I think we are going to have a tremendous rebound.”
At the White House signing ceremony, Trump was joined by Vice President Mike Pence, Senate Majority Leader Mitch McConnell as well as several members of his Cabinet.
The U.S. has become the worldwide epicenter of the epidemic, with more than 100,000 people infected, surpassing China.
The package provides roughly $500 billion in loans and other assistance for major companies, including $62 billion for the airline sector. It includes $350 billion in aid for small businesses and offers $1,200 direct payments to middle-and low-income American adults. Hospitals would receive $117 billion in assistance, as many are overwhelmed with COVID-19 patients.
Breakdown of the rescue package:
- $500 billion – Large businesses, industries
- $300 billion – Direct cash payments for every American citizen earning less than $99,000 per year
- $350 billion – For small businesses
- $250 billion – Unemployment benefits
- $100 billion – Hospitals
- $45 billion – Disaster Relief Fund
- $27 billion – Development of vaccines
