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Donald Trump signs $2 trillion coronavirus stimulus bill

Coronavirus stimulus package

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Coronavirus stimulus package
Coronavirus stimulus package

In News:

  • President Donald Trump has signed into law, a historic $2 trillion stimulus package (about INR 150 lakh cr) as the American public and the US economy fight the devastating spread of Covid-19.
  • The far-reaching legislation stands as the largest emergency aid package in US history.

News Summary:

  • The US President Donald Trump has signed a $2 trillion bill, the largest stimulus package in US history, intended to rescue the coronavirus battered economy.
  • The size of the package far surpasses even the $800 billion by the US following the 2008 financial crisis.
  • Combined with Federal Reserve measures, it would provide around $6 trillion in stimulus to the US economy.
  • The package would deliver much-needed financial assistance to hardworking families and small businesses.
  • Key elements of the package include:
    1. Sending checks directly to individuals and families
    2. A major expansion of unemployment benefits
    3. Money for hard-hit hospitals and health care providers
    4. Financial assistance for small businesses
    5. $500 billion in loans for distressed companies

COVID-19 Outbreak worldwide:

  • According to Johns Hopkins University data, 27,333 people have died due to the disease across over 170 countries.
  • Italy has the highest number of deaths at 9,134, followed by Spain 5,138 and China 3,174.
  • The United States leads in the number of COVID-19 with 104,007 infections confirmed so far, followed by Italy (86,498) and China (81,906).

The disease outbreak in US:

  • The United States is now the hotspot of the coronavirus in the world (surpassing China) where 104,256 confirmed cases of the contagion have been recorded with a total of 1704 people have died and 2,463 people are in critical condition.
  • New York, which is the financial capital of the world, accounts for nearly half of the total cases and more than 500 people have died in the Big Apple alone.
  • More than half of the country’s 330 million population is now confined in their homes.
  • Major Disaster Declaration has been announced in over a dozen states and a national emergency has been declared.

Also Read: Centre rolls out Rs 1.7-lakh-crore lockdown package

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