Washington: President Donald Trump has signed the historic US$ 2.2 trillion stimulus package to assist American public and the US economy amid coronavirus outbreak.
“This will deliver urgently needed relief to our nation’s families, workers and businesses,” Trump said.
The far-reaching legislation stands as the largest emergency aid package in US history. It represents a massive financial injection into a struggling economy with provisions aimed at helping American workers, small businesses and industries grappling with the economic disruption.
The new law will allow direct payments to individuals and companies whose livelihoods and businesses have been affected by the pandemic.
Stimulus package will oversee that individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each, with married couples earning up to $150,000 receiving $2,400 — and an additional $500 per each child. It will also provide money directly to state governments, and bolsters the unemployment benefits programme.
Under the law, jobless benefits will be extended to those not normally covered, such as freelancers and workers in the gig economy. It also offers loans and tax reductions to companies that face going out of business, as one in every four Americans is ordered to remain at home and only go outside for essential needs.
His signature came after the Democratic-led House of Representatives approved the sweeping package by a voice vote. The bill had been passed by the Republican-led Senate with overwhelming bipartisan support in a 96-0 vote.
The stimulus package has been formulated after intense and drawn-out negotiations between congressional Republicans and Democrats and the Trump administration that spanned multiple days.
Earlier, Trump administration had invoked the Defence Production Act (DPA), which gives the president the power to force private industries to create items required for national defence.