US President Donald Trump enacted the historic $ 2 trillion bailout package, bringing in desperately needed financial aid for millions of Americans and securing the country’s ravaged economy coronavirus pandemic that killed more than 1,700 and infected more than 100,000 people across the country.
Trump signed the bill on Friday just hours after it passed the House in a bipartisan vote.
Widespread legislation is the largest emergency aid package in US history and promises to provide a tidal wave of money to American individuals, businesses and health facilities, all under the shock of the Covid-19 pandemic.
“Aid is on the way,” Trump assured his compatriots when he signed the bill at the Oval Office of the White House. Earlier, the Senate and the House of Representatives adopted the bill.
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“We have been hit by the invisible enemy and we have been hit very hard,” he said, adding that the economy would come back roaring. “I think we are going to have a great rebound,” he said.
The legislation provides, among other things, $ 3,400 to most American families of four and billions of dollars in financial assistance to small and medium-sized businesses and large businesses like Boeing.
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“This is a very important day. I signed the biggest economic relief package in American history and, I must say, any other package by the way. It is twice as important as any relief each once signed, “said the president. .
The scale of the package can be seen in the context where India, one of the top five economies in the world, is estimated to be worth $ 3 trillion.
POTUS has and will always put workers, small businesses and families in the US FIRST. In these unprecedented times, we come together as one nation to overcome # COVID19. | AP pic.twitter.com/upEUUPuSqD
– Ivanka Trump (@IvankaTrump) March 27, 2020
“I never signed anything with a T,” said Trump.
“I want to thank the Democrats and the Republicans for coming together and putting America first,” he said.
The first stimulus check is expected to be sent to the Americans in the first week of April.
More than half of the country’s 330 million inhabitants are now confined to their homes. A declaration of major disaster has been announced in more than a dozen states and a national emergency has been declared.
A record number of three million people have applied for unemployment, the entire travel and tourism industry has stalled and businesses have closed down and only essential services are operating in the United States. The United States is now the coronavirus hotspot worldwide, where, according to Worldometer, 104,256 confirmed cases of contagion have been recorded. a total of 1,704 people died and 2,463 people are in critical condition.
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Today president @realDonaldTrump signed the law on #CARESAct which will help small businesses stay open, help workers keep their jobs and relieve struggling industries as our country faces the threat of the coronavirus together. pic.twitter.com/oXtg6RqS4o
– Mike Pence (@Mike_Pence) March 27, 2020
New York, the financial capital of the world, accounts for almost half of the total cases and more than 500 people died in the Big Apple alone.
According to the White House, Trump signs bipartisan legislation to bring relief to American families and workers during the coronavirus epidemic.
Noting that the CARES law provides much-needed economic relief to American families and businesses who are not suffering from their fault, the White House said the legislation would provide assistance to heroic American health care workers who are on the front lines of the law. ‘epidemic.
$ 100 billion will go to health care providers, including hospitals on the front lines of the COVID-19 pandemic; and US $ 27 billion will be used to strengthen rescue capacities, including vaccine development and the development, procurement and distribution of essential supplies.
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$ 45 billion will go to the Federal Emergency Management Agency’s Disaster Relief Fund, more than double the amount available to support the President’s emergency and disaster reports to allow heads of State, local and tribal to respond effectively.
The legislative package provides security for American families by providing them with economic assistance in times of crisis. It provides tax-free payments treated as a refundable tax credit to Americans, giving families the immediate financial support they need, the White House said.
The new coronavirus, which was born in Wuhan in December, has taken its toll around the world, disrupting life and businesses.
According to data from Johns Hopkins University, 27,333 people have died from the disease in more than 170 countries. Italy has the highest number of deaths with 9,134, followed by Spain 5,138 and China 3,174.
The United States leads COVID-19 with 104,007 confirmed infections to date, followed by Italy (86,498) and China (81,906).