US Congress Approves $484 Billion In Aid To Hospitals And Small Businesses
The US Congress overwhelmingly approved measures to help businesses and healthcare during the coronavirus pandemic for $484 billion. The funds are allocated for salary payments, small business loans, and hospital funding, Bloomberg reports.
President Donald Trump will sign the bills soon. At the beginning of the week, the US Senate voted unanimously for them. The new assistance measures were included in the salary protection program and the law on strengthening medical care. They provide $321 billion for small business lending, $60 billion for a separate emergency lending program for small businesses, $75 billion for hospitals, and $25 billion for testing for coronavirus.
Money to help small businesses was needed after the $350 billion Fund to support them ran out. These funds may not be returned to the company if they were spent on employee payments, rent payments, utility bills, mortgage interest, etc. The new package of measures was the fourth piece of legislation passed to alleviate the severe economic and personal losses from coronavirus infection. The total amount of aid to the American economy and medicine exceeded $2.5 trillion.
According to Johns Hopkins University, there have been more than 864,000 cases of coronavirus infection in the United States, and almost 48,000 people have died from COVID-19. Several million Americans are out of work.