Senate approves new US$480 bln pandemic relief plan
WASHINGTON: The US Senate approved a bipartisan, nearly half-trillion-dollar coronavirus relief package Tuesday, with funding earmarked for devastated small businesses, overwhelmed hospitals, and a ramp-up of testing nationwide during the pandemic.
The essential job-saving measure, which passed by unanimous consent a er more than a week of negotiations between Democrats, Republicans and the White House, now heads to the House of Representatives where a vote could occur as early as today.
The effort is the government’s latest massive cash infusion to prop up a collapsing economy amid struggles to contain a pandemic that has killed 43,000 Americans and le some 22 million people jobless.
“This is a significant package,” Senate Majority Leader Mitch McConnell said, one which was cobbled together “on a crash timeline in these most unusual circumstances.”
The measure builds on the US$2.2 trillion rescue legislation — the largest-ever federal intervention in the US economy — signed into law last month.
President Donald Trump called on Congress to swi ly send him the bill, which would re-fund a programme that has already helped more than 1.6 million businesses, so he can sign it into law.
“I urge the House to pass the bill, and they’ll be voting on it, I imagine, very soon,” he said.
Late last month, with many shops and restaurants nationwide forced to shu er due to the pandemic, the government launched the PPP to provide US$350 billion in what were essentially grants as long as businesses use the funds to pay their workers.
Banks were flooded with requests, and the money quickly ran out.
The new tranche would include US$320 billion in small business funding, plus US$75 billion for hospitals and US$25 billion to expand coronavirus testing, McConnell said.
It also provides US$60 billion in disaster recovery loans and grants, he added.
‘We have taken a giant step forward’ towards providing more relief for small businesses and for first responders in hospitals, top Senate Democrat Chuck Schumer said.
Schumer claimed Democratic victory for obtaining funding for testing, and he praised Trump, Treasury Secretary Steven Mnuchin and chief of staff Mark Meadows for agreeing to include it. — AFP