US President Donald Trump on Friday signed a $2 trillion economic stimulus package to mitigate the worst effects of the coronavirus pandemic on the US economy.
“I want to thank Democrats and Republicans for coming together and putting America first,” he said at the signing, as reported by Business Insider. Trump also expressed confidence that there would be “a tremendous rebound” for the economy at the end of the pandemic.
It’s the largest stimulus package ever assembled and passed in American history. It will send checks to millions of Americans and dramatically expand unemployment benefits by adding $600 per week to state benefits — a priority among lawmakers after 3.3 million people filed for unemployment last week, a record spike.
The legislation will also provide distressed businesses and industries with hundreds of billions of dollars in zero-interest loans, tax breaks, and other emergency aid.
States and municipal governments are also slated to get $150 billion in additional federal funding to fight the outbreak under the relief bill. Another $100 billion will be directed to hospitals and healthcare facilities.
The House passed the legislation on Friday after the Senate approved it in a 96-0 vote on Wednesday.