Categories: World

US Congress approves a $900 Billion COVID-19 relief package

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Taking a big decision, the US Congress eventually approved a $900 billion COVID-19 relief package. It will help all businesses in the country.

According to Variety, the US Congress on Monday approved a crucial COVID-19 relief package. It’s estimated to be around $900 billion. It will help various economic sectors across the country.

The Senate passed the important bill with a 91-7 vote. Initially, the White House already approved it with a vote of 359-53.

COVID-19 relief package and its benefits

The passed relief package bill will see full-year spending of $1.4 trillion. It will fund the US government through the end of the fiscal year on Sept. 30. Now, only one last procedure is left. It will be sent to current President Donald Trump to turn it into a full-fledged law. His approval is expected in the next few days.

Speaking in detail, then the COVID-19 relief package will ensure 11 additional weeks of compensation for unemployed Americans. It means that temporarily, they will get $300 per week. Moreover, it will also issue a one-time direct payment of $600 to all Americans who make less than $75,000 a year. It will also include the dependents.

Businesses, restaurants, and theaters will receive subsidies under a new round. And schools, renters, and healthcare providers will also get additional funds.

Talking about entertainment and movies, then the package will also have a lot of benefits. A $15 billion aid will be given under the Save Our Stages Act. It will provide grants to all live venues and many independent cinema halls. The Act’s one of the biggest advocates, Senator Amy Klobuchar, in a recent media interaction, said:

“…We had each others’ backs and explained it to members — and the fact that we had 57 co-sponsors in the Senate out of 100 was extraordinary; we had over 200 House members on the bill, and we always made sure that it was bipartisan.”

Meanwhile, after the approval of the bill, the American music industry praised it a lot. The American Association of Independent Music (A2IM), Artist Rights Alliance (ARA), Music Artists Coalition (MAC), and many other associations issued a joint statement. It mentioned the package as “a much-needed lifeline” for many people related to the industry.

The statement also said that they are all “grateful for extending the vital Cares Act.” The bill also includes Pandemic Unemployment Assistance and the Save Our Stages Act.

They also expressed their happiness over a “dedicated $100 weekly benefit” to the mixed earners.

Pandemic is badly affecting the global economy

The impact of Coronavirus has pushed the globe in a backward direction, for sure. The last ten months, specifically, witnessed the huge loss of established businesses. Not just the entertainment industry, travel, and tourism sectors also saw a big financial crisis.

The current COVID-19 relief package will definitely try to recover a lot of lost ground in the US. But then it’s not just the case of only one nation. The big void will continue to stretch the difficulties across the world. Other countries are also dealing with similar situations like the economic crisis and the inevitable health crisis.

Image courtesy of Red Stock/Shutterstock

MK Tomar

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MK Tomar

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