The bill has been the latest effort by the federal government to drift the businesses at a
smaller scale that has led to a close or drastic alteration in their operations. As the states are putting their best efforts to slow down the effects of the virus.
Over a period of past 5 weeks, over 26 million people have filed for jobless aid.
President Donald Trump signed a 484 billion dollar bill to help the workers and hospitals that are suffering in the pandemic since the virus has more than 50 thousand Americans killed. It has created a big bang in the economy.
Donald Trump further said that most fo the funding will be going to the small businesses
under the Paycheck protection program. This will help the businesses to keep their
employees on the payroll. “Great for small businesses, great for the workers,” said Donald Trump.
During the media interview trump showed gratitude toward congress for answering his call and that this was a very big win for every one of them.
Since the passage of placement of the aid was easy, it has a bumpier path further for the
future legislations to answer the crisis.
The aid was passed by congress to trump with one accord when the council person
gathered for the first time since March 27 in Washington as one group. the people followed a strict social distancing protocol while showing that they can work even in the crisis. The face masks and bandanas on lawmakers showed the respect for protocol while the crisis has staggered the economy and the world creating devastating economic crisis all over the world.” millions of people out of work” said the speaker Nancy Pelosi.” this is a very very very sad day. We have come to the floor with 50, 000 deaths. A huge number of people impacted and the uncertainty of it all.”
The bill is tying up the $250 billion request of Trump administration to replenish the funds to help small and medium-sized businesses with payroll rent and other expenses.
The bill provides small and medium-sized businesses with excusable loans so that they can provide the employees with payroll and in the time being follow rules for social distancing and stay at home, work orders.
The legislation has $100 billion demand from the democrats for the hospitals and a
nationwide testing program with $ 60 billion for banks and another network of community development banks that have a focus for the development of urban neighborhood and rural areas that are ignored by most of the lenders. Also, there is a $60 billion loan for small business grants and loans given through small business administration’s existing disaster aid program.
There will be more relief ideas in the week. the supporters have already mentioned that the small scale business funding will exhaust the 250 million dollar bill immediately when in action to help. since getting launched last week it has aloready reached its limit after
approving 1.7 million loans. This has left the other small businesses in non-existence as they look out for help. It was being said by Pelosi and Allies that the next measure will provide relief to more people and their small businesses, extent more generous jobless benefits into the fall, giving more direct payment to the people and those who are laid off the health insurance through COBRA.
The democrats tried to win another round of funding for state and local government this
Thursday but were turned down by Mitch McConnell, the senate leader that said he is going to pump the breaks on runaway deficit spending. He said he does not want to bail out the democratically governed states for fiscal that rule over the pandemic but there is plenty of demand among the republicans too.
After the bill was passed by Senate, they said that no more coronavirus rescue will be
entertained until the Senate returns to Washington in May.
He promised rank and file greater say in state legislation for republicans rather than leaving it in the hands of bipartisan leaders.
Pelosi first accused McConnell of opping the addition of any money in the 250 billion dollar bill saying that cash strapped states should be declared bankruptcy that a move which they cannot do currently and would threaten a broad range of state services.
So far the bills approved by congress will be delivering about 2.4 trillion for relief from the pandemic to the small businesses, testing and treatment nad direct payment to the
individuals and unemployed according to congressional office.
The deficit is said to reach 3 million this year.