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HomeEconomyUS Senate okays Ksh212 trillion coronavirus relief package [breakdown]

US Senate okays Ksh212 trillion coronavirus relief package [breakdown]

The United States’ Senate has approved a $2 trillion (Ksh211.87 trillion) economic rescue bill to help lift the economy and address the coronavirus pandemic.

The bill was unanimously approved on Wednesday and the legislation is currently under review in the US House of Representatives, US President Donald Trump said he would sign the bill when it reaches his desk according to Reuters report.

However, the Senate bill does not go as far as House Democrats wanted and Democratic committee chairmen in the House will be reviewing the legislative text, she said.

A vote in the House, whose members left Washington, DC, more than a week ago is not expected until at least Friday.

Breakdown of $2 trillion package

  1. $500bn (Ksh52.9 trillion) for a Treasury Department lending facility to support US companies, including airlines, with public oversight

2. $350bn (Ksh37 trillion) for small businesses. Current small business loans will be forgiven. Grants will be available to keep employees on payroll for eight weeks

3. $100bn (Ksh10.6 trillion) for hospitals, nurses and doctors to battle the outbreak

4. $150bn (Ksh15.9 trillion) for state and local governments

5. $300bn (Ksh31.7 trillion) in direct payments to most Americans of up to $1,200 per adult and $500 per child within about three weeks. A typical family of four would get $3,400. Individuals making more than $100,000 a year (households making more than $150,000) would not be eligible

6. $250bn (Ksh26.4 trillion) in federal unemployment benefits of $600 per week for individual employees as well as gig workers and independent contractors in addition to regular state unemployment benefits available for up to four months.

With regards to the mega stimulus bill by the US Senate, it would keep businesses running and maintain their employees on payroll for four months.

Once, the bill is passed, it will be the largest package ever been approved by the US Congress

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Digital Desk, Metropol TV

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