By DEBORAH D’SOUZA Mar 25, 2020
U.S. lawmakers have agreed on the passage of a $2 trillion stimulus bill to blunt the impacts of an economic downturn set in motion by the global coronavirus pandemic. With most forecasters predicting that the U.S. economy is either in a recession now or heading into one, policymakers have crafted legislation that dedicates historic government funding to support large and small businesses, industries, individuals and families, gig workers and independent contractors, and hospitals.
At $2 trillion, this is the largest rescue package in U.S. history. The 2009 Recovery Act was $831 billion. While Congress still needs to officially vote on the bill which would then be signed by President Trump, here are some of its key provisions:
The details of eligibility for the loans and small business assistance have yet to be released, but Congress is appointing an inspector general and an oversight board to supervise and oversee their administration. The bill will also allocate $150 billion to states and localities battling the pandemic and $55 billion more for the health-care system.
This post originally appeared on Investopedia,com
March 26, 2020
Enter your email address below and be notified when we post new information.