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US Senate Passes Bill Of 2Trillion Dollars Economic Stimulus To Help The Economy Bounce Back After Coronavirus Pandemic

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The US Senate has passed a $2 trillion (£1.7tn) coronavirus aid bill that is the largest economic stimulus in US history.

The vote was delayed by a last-minute row between Republican and Democratic senators over unemployment benefits.

The plan includes direct payments of $1,200 to most American adults and aid to help small businesses pay workers.

US coronavirus deaths are around the 1,000 mark and there have been nearly 70,000 confirmed infections.

More than 21,000 people with coronavirus have died across the world since it emerged in China’s Hubei province in December, while the number of infections is racing towards half a million.

Southern Europe is now the centre of the pandemic, with Italy and Spain recording hundreds of new deaths every day.

The agreement reached by Republican and Democratic leaders in the Senate includes tax rebates, loans, money for hospitals and rescue packages.

The nearly 900-page bill has a price tag that amounts to roughly half the size of the US government’s annual budget, and includes:

Direct payments of $1,200 to millions of individuals who earn $75,000 or less, and an additional $500 per each child

An expansion of unemployment aid including payments, for the first time, to people who are self-employed or work in the gig economy

A $500bn fund to help companies, which includes loans to hard-hit sectors such as the airline industry

$350bn in loans for small businesses

$100bn for hospitals and related health systems on the frontlines of the pandemic

 

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