Today: Sunday, 19 May 2024 year

US Senate unanimously backs historic $2T coronavirus bill

US Senate unanimously backs historic $2T coronavirus bill

The US Senate backs coronavirus emergency relief bill, a law that attempts to arrest the financial havoc caused by the COVID-19 pandemic. For the United States and whole the world, the novel virus challenge remains the hardest ever, so, $2 trillion should be extremely important for the country in its efforts to curb coronavirus.

The US senators have approved historic $2T emergency relief bill unanimously late Wednesday. Lawmakers acted as a united team – with unexpected speed and cooperation – to produce the largest economic rescue package in U.S. history, Washington Post reported on Thursday.

The approved bill, which passed 96 to 0, would send checks to more than 150 million American households, set up enormous loan programs for businesses large and small, pump billions of dollars into unemployment insurance programs, greatly boost spending on the clinics and hospitals.

The Senate showed its support and demonstrated how concerned policymakers have become about the health care strains and financial pain the country now faces.

Under the coronavirus crisis, the economy urgently needs to be filled with money at a time of financial near-chaos, with entire states on lockdown, many businesses closed as non-essential.

“Our nation obviously is going through a kind of crisis that is totally unprecedented in living memory,” Senate Majority Leader Mitch McConnell (R-Ky.) said ahead of the vote.

The senators agreed to stay connected and continue to collaborate on the best ways to keep helping their states and their country through this crisis.

US Senate: $130 billion would direct to hospitals as soon as possible

The approved bill would extend:

  • $1,200 to most American adults and
  • $500 for most children,
  • create a $500 billion lending program for businesses, states, and
  • establish a $367 billion employee retention fund for small businesses.

In addition, the historic $2T law would direct $130 billion to hospitals and provide four months of expanded unemployment insurance, among other things.

Lawmakers and the White House were bombarded with lobbyists and special-interest groups seeking assistance during the negotiations, and the price tag rose from $850 billion to $2.2 trillion in just a matter of days.

As of Thursday morning, the number of confirmed coronavirus cases in the United States climbing swiftly to over 67,000 with more than 900 deaths.

To provide support for the country’s economy, the US Congress has already passed two much smaller coronavirus relief bills:

  • an $8.3 billion emergency supplemental package for the health-care system and
  • a $100 billion-plus bill to boost paid sick leave and unemployment insurance and provide free coronavirus testing.