Coronavirus Incentive Package Approved in the USA

Coronavirus Incentive Package Approved in the USA The coronavirus incentive package has been approved in the USA. The Senate approved $ 900 billion in support. The U.S. Senate approved a $ 900 billion coronavirus stimulus package and $ 1.4 trillion in regular government funding and tax exemptions for businesses. The arrangement, previously passed by the House of Representatives, will now be signed by US President Donald Trump. Trump's team informed that the arrangement will be signed this week as soon as it reaches the president. This package, exceeding $ 2.3 trillion, is the second largest support in US history after the $ 1.8 trillion CARES law passed in March. Although economists think that this aid will be enough to prevent a double dip recession next year, the risks have not yet disappeared. Thanks to this arrangement, most US citizens and their children will be paid $ 600 directly. Those with an annual income of over $ 100,000 and illegal immigrants will be exempt from this regulation. According to the information provided by Treasury Secretary Steven Mnuchin, payments will begin next week. An increased unemployment salary of $ 300 per week will be implemented. Unemployment insurance programs for flexible workers and long-term unemployed will be extended. There is a $ 284 billion Payment Protection Program (PPP) that provides loan amnesty for small businesses. Businesses that benefited from the program in the previous period will be able to apply again. In addition, PPP grants will be tax deductible. In addition, the package includes transportation, vaccine distribution, schools and universities, money for farmers, and food aid, including $ 15 billion for airlines. In addition to support against the coronavirus epidemic, the law includes $ 1.4 trillion federal government funding for the fiscal year ending September 30, 2021.       Source: Bloomberg HT