US Lawmakers Pass $2.2 Trillion Relief Bill To Help Blunt The Economic Impact Of COVID-19 Shutdowns

By - 569 words

Language

Reading Level

Listen to Article

To prevent further spread of COVID-19 , millions of Americans have been ordered to stay at home (Credit: Pixabay)

With over three-quarters of the country under mandatory shutdown orders, and more joining daily, the COVID-19 pandemic has forced hundreds of businesses to shutter and led to widespread layoffs. To mitigate the coronavirus outbreak's economic impact, US lawmakers have passed a $2.2 trillion emergency relief bill, the largest economic rescue package in the nation's history.

Signed into law by President Trump on March 27, 2020, the sweeping legislation aims to help American workers, small businesses, and industries that are struggling to survive during this unprecedented crisis. "I signed the single biggest economic relief package in American history," Mr. Trump said. "This will deliver urgently needed relief to our nation's families, workers, and businesses, and that's what this is all about."

The multi-trillion-dollar plan assists almost everyone. Here are a few of its biggest beneficiaries:

Corporations and individuals

About a quarter, or $500 billion, of the $2.2 trillion has been set aside to provide emergency loans to large companies, such as commercial airlines, which have been ground to a halt, as well as municipalities and towns struggling to stay afloat. The stimulus package also includes a one-time payment of $1,200 for every American earning $75,000 or less. An additional $500 will be handed out to every child in the qualifying households.

Unemployment insurance

As revenues collapse, businesses nationwide are laying people off at unprecedented rates. During the week ending March 21, 2020, nearly 3.3 million Americans — about five times the previous record set in 1982 — applied for unemployment benefits. With the layoffs continuing to accelerate, economists warn that the nation's unemployment rate could get as high as 13 percent by May 2020.

To help Americans make up for the lost wages, the relief bill will increase unemployment insurance by $600 a week for four months. The funds are in addition to what states already pay as a base unemployment salary.

The coronavirus relief bill has provisions for almost all Americans (Credit: Howmuch.net)

Funding for hospitals, medical equipment, and health care worker protection

The bill allocates a much-needed $150 billion to the US healthcare system. The bulk of the funds — $100 billion — will be used to “reimburse … eligible health care providers for health care related expenses or lost revenues that are attributable to coronavirus." The Indian Health Service, which provides direct medical and public health services to members of federally-recognized Native American tribes and Alaska Native people, will receive $1 billion, and the remainder will be used towards medical equipment, including protective gear for doctors, nurses, and other personnel working with coronavirus patients.

State and local governments and small businesses

About $150 billion of the federal funds will be distributed to state and local governments dealing with COVID-19's impact in their local communities. An additional $367 billion has been set aside to provide loans to keep small businesses — those with less than 500 employees — from shutting down permanently.

Staying home as much as possible and maintaining a social distance when outside is the best way to stop COVID-19's spread (Credit: www.tamug.edu)

"Our nation obviously is going through a kind of crisis that is totally unprecedented in living memory," Senate Majority Leader Mitch McConnell (R-Ky.) said ahead of the historic relief bill vote. Let's stay connected and continue to collaborate on the best ways to keep helping our states and our country through this pandemic. "Let's continue to pray for one another, for all of our families, and for our country."

Stay strong and healthy, and don't forget to keep a safe distance (approximately 6 feet) from others. We can defeat COVID-19 if we all work together!

Resources: CNN.com. Vox.com, CNBC.com

Workbook

Get the Workbook for this article!

Workbook contains: Article, Reading Comprehension, Critical Thinking Questions, Vocabulary in Context (+ answers), Multiple Choice Quiz (+ answers), Parts of Speech Quiz (+ answers), Vocabulary Game (+ answers)
Cite Article
Learn Keywords in this Article
279 Comments
  • animereina2021
    animereina2021over 4 years
    I hope that all of you are doing ok and staying safe. I just wanted to say that I love you guys and that I am glad that DOGOnews is even here, or else I would've been out of my mind... God bless you guys!💕👍
  • ginnyweasly1
    ginnyweasly1over 4 years
    At least now we can call ourselves survivors now! #survivors rock!
    • l78
      l78over 4 years
      Grocery store? NO!!! Birthday party? NEVER!!! Covid -19 is ruining schedules!!!
      • animereina2021
        animereina2021over 4 years
        For all of you that are wishing everyone else to stay safe and kind stuff like that to us, I want to wish you guys the same. 2020 isn't going well at the start, but we can get back on track once all of this is over with!
        • bellamaximoff
          bellamaximoffover 4 years
          #stayhome #prayforthosewhohavecovid-19 #savelives #prayforthedoctorsandnurses. I love you all stay safe!
        • chicken_vertex0
          • diamondpup246
            diamondpup246over 4 years
            Stay home! Save lives!😷
            • nora8
              nora8over 4 years
              Stay safe everyone!!!😀
              • cjswim
                cjswimover 4 years
                Hang in there everyone😥
              • animereina2021
                animereina2021over 4 years
                I feel sick! No not literally, but I am just annoyed from covid 19, and wish that it would go away...God bless you all💕 #tiredofhome
                • effie302
                  effie302over 4 years
                  im so done with this virus!!!!!! I just wish it would go away already!!!!
                  • animereina2021
                    animereina2021over 4 years
                    Same! I don't think that I would ever go back to normal life after this had happened tho...