Donald Trump Signs Historic $2.2 Trillion Financial Stimulus
Bill
President Donald Trump signed the $2.2 trillion (N827
trillion) financial stimulus package to cushion the economic impact of the
coronavirus pandemic in the United States on Friday; after the country’s House
of Representatives approved the bipartisan bill, which the Senate passed on
Wednesday.
According to the News Agency of Nigeria (NAN) reports, the
U.S. is currently the hardest-hit country in terms of the COVID-19 infections
with over 99,000 cases.
Under the law, the government will make direct payments totaling $290 billion (N109 trillion) to Americans earning below $99,000 (N37 million) per annum.
They are expected to get directly get up to $1,200
(N451,000) each, in addition to $500 (N188,000) per child.
On Wednesday, a record of 3.3 million Americans filed for
unemployment benefits amid massive job losses occasioned by the pandemic.
The package includes the payment of another $260 billion
(N97 trillion) to jobless and laid-off workers for up to four months.
Small businesses with less than 500 employees and airlines
will get a total of $881 billion (N331 trillion) as soft loans to cushion the
economic effect of the virus.
In brief remarks, after the signing at the White House in
Washington, Trump thanked “Democrats and Republicans for coming together and
putting America first”.
He said the package would pave way for economic recovery in
the U.S., adding that the country would have “a tremendous rebound’’.
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