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U.S. Senate passes $2 trillion stimulus deal to cope with COVID-19 Updated: 2020-03-26 17:13:45 KST

The U.S. Senate unanimously approved a massive 2 trillion dollar stimulus package late Wednesday local time to help relieve the economic damage from the coronavirus pandemic.

"I'm proud to announce tonight not a single senator voted against this two trillion dollar rescue bill to save American individuals, small businesses, larger businesses, and to provide considerable funding for the healthcare workers and the scientists and the doctors and others who are trying to solve this pandemic."

Some of the highlights include giving out one-time direct payments of about 1,200 dollars for each adult, and an extra 500 dollars per child, for individuals earning up to 75-thousand dollars. From that level it gradually decreases, and those earning more than 99-thousand dollars get no payments.

The bill also contains expanded unemployment insurance to provide an extra 600 dollars per week on top of normal state benefits for up to four months. Eligibility for unemployment insurance will be expanded to cover more workers.

About 350 billion dollars will be given to small businesses to keep their payrolls going. Companies with up to 500 employees can get up to 10 million dollars in small business loans.
Employers who keep paying their employees will get 8 weeks of assistance through federally-guaranteed loans,… which also cover other expenses including mortgage interest, rent and utilities.

About 500 billion dollars in guaranteed loans will also be provided for larger firms, including struggling U.S. airlines.

The package also includes about 117 billion dollars for hospitals and healthcare, which the American Hospital Association called an important first step.
Eum Ji-young, Arirang News.
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