[General News] President Trump signed the nearly US$500 billion economic aid bill passed by Congress on the 23rd. This is the fourth round of economic stimulus package against the epidemic since the outbreak.
The newly signed bailout bill mainly provides funding for small businesses
Xinhua News Agency reported that the House of Representatives passed the bill with 388 votes in favor and 5 votes against it on the 23rd. The Senate passed the bill by oral vote on the 21st.
According to this bill, Congress will allocate more than 310 billion US dollars to the small business salary protection program to help small businesses affected by the epidemic apply for loans to pay employees' salaries. In addition, the bill will allocate US$75 billion for hospitals, US$25 billion for new coronavirus testing agencies, and provide funding for institutions such as the Centers for Disease Control and Prevention (CDC) and the National Institutes of Health.
Previously, Trump signed a fiscal expenditure bill of approximately US$2.2 trillion at the end of March to bail out households and businesses affected by the epidemic, but critics accused the bill of insufficient funding for small businesses, hospitals, and virus testing agencies. . On the 16th of this month, less than two weeks after the start of the Small Business Salary Protection Program, it stopped accepting new loan applications due to running out of funds.
China News Agency reported that this vote on the 23rd of this month was the first time since March 27 that members of the House of Representatives attended a congressional meeting. On that day, most parliamentarians wore masks, and the seats of parliamentarians also maintained "social distance". The Speaker of the House of Representatives, Nancy Pelosi, said, “Today is a very sad day. Tens of millions of people are unemployed. We hope to enter the economic recovery phase as soon as possible, but the most important thing is to control the spread of the epidemic.
Trump praised the passage of the bill at a press conference on the 23rd. He said that many Americans are currently facing severe economic challenges. This bill can support small businesses to continue to pay their employees. According to data from the Department of Labor, 4.4 million Americans applied for unemployment benefits last week. The total number of applicants for unemployment benefits in the past five weeks has reached 26 million, which is equivalent to 1 in 6 Americans who are unemployed.
Xinhua News Agency reported that the top Democrats in Congress expect to discuss with the Trump administration and the Republican party a larger-scale bailout bill next month. Trump said on Twitter this week that the next legislation will consider providing financial assistance to state and local governments for infrastructure investment, tax incentives for catering, entertainment, sports and other industries, and lower payroll taxes. To stimulate economic growth.
Trump attended the White House press conference on the 23rd. (Image source: Associated Press)
Previously, Congress had recently passed three rounds of new coronary pneumonia-related bills.
The first bailout bill: US$8.3 billion for vaccines, epidemic prevention plans, etc.
China News Service reported that on March 5, the Senate voted to pass a US$8.3 billion budget to deal with the new crown pneumonia epidemic. The 8.3 billion U.S. dollars contained in the budget will be used for vaccines, treatment research and development, governments at all levels to prevent and respond to the threat of new coronary pneumonia, reserve medical supplies and other preparatory measures. It is worth mentioning that the budget for combating the new crown pneumonia epidemic passed by Congress this time is much higher than the $2.5 billion budget previously requested by the White House.
Hong Kong China News Agency reported that the New York Times stated that nearly US$7.8 billion in the bill will be allocated to agencies responding to the new crown pneumonia; another US$500 million will be provided to medical insurance providers to manage telemedicine services, making those more vulnerable to infection Elderly patients with the virus can receive care at home.
The second bailout bill: US$100 billion, including free virus testing and paid leave
China News Service reported that on March 18, the Senate voted to pass a US$100 billion financial aid bill to deal with the new crown pneumonia epidemic. Trump subsequently announced the signing of the bill.
The "Family First" bill aims to ensure that people maintain a normal life, including free new coronavirus testing, paid sick leave, and emergency food assistance. Although some Republican lawmakers expressed dissatisfaction with the bill, in the current situation, most lawmakers from both parties believe that "quick action" is more important than "perfect bill." The
bill directly provides help for many Americans. According to the analysis of the American Chinese website, the specific content includes: 2 weeks of paid sick leave for confirmed or mandatory quarantine employees, 2 weeks of paid sick leave for other employees, paid family leave, etc. Wait.
The third bailout bill: US$2.2 trillion, including the USChinese people give out cash and provides loans to companies
China News Service reported that Trump signed a $2.2 trillion economic stimulus bill at the White House on March 27 in response to the new crown pneumonia epidemic.
According to this bill, the US government plans to provide 350 billion dollars in loans to small businesses to pay wages and benefits. With 300 billion U.S. dollars in cash for Americans (with an annual income of less than 99,000 U.S. dollars), a family of four can receive 3,400 U.S. dollars.
The main content of the bill also includes the establishment of a US$500 billion fund pool for granting loans, loan guarantees or investments to companies, states and cities affected by the epidemic; providing US$111.7 billion in funding to medical institutions; and providing national strategic drugs And medical supplies reserves to provide 16 billion US dollars of funds. (End)
