Coronavirus stimulus packageApprox Read Time: 4 minutes
- 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.
- 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:
- Sending checks directly to individuals and families
- A major expansion of unemployment benefits
- Money for hard-hit hospitals and health care providers
- Financial assistance for small businesses
- $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.