On Friday the House of Representatives have approved a stimulus package worth trillions of dollars, that passed the Senate earlier this week. Now heading to the desk of the President, all that’s left is for his signature to be approved. The Coronavirus stimulus package is needed because of the effects of the spread by COVID-19, over the last several weeks across not only the US but the world. Globally, COVID-19 cases have surpassed 577,000 with almost 100,000 of those cases being confirmed in the US. The virus has caused various destruction to our current economy, creating lay-offs, shut down of businesses, as well as the loss of jobs.
Breakdown of Stimulus Package
The coronavirus stimulus package is needed in our current climate, amounting to a whopping $2 trillion. The text for the deal which was released Wednesday is broken into five main parts. $250 billion set aside for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits, and $500 billion in loans for distressed companies. Those who earn $75,000 or less will receive direct payments of $1,200 each, with married couples earning up to $150,000 receiving $2,400 — and an additional $500 per each child. There are also provisions in the bill to help give funding to hospitals that took hits around $130 billion as well as $150 billion for states and local governments who have been affected by the virus.
Nowhere But Up
The spread of COVID-19 has not yet packed. It is important while practicing social distancing and shelter in place we are able to still provide some type of incentive to avoid the jeopardy of livelihoods in the US. With over 26,908 worldwide deaths and a recovered 132,440, there is still light at the end of the tunnel. No current cure has been developed as of yet and experts believe this could last for a few more months.