The US Senate yesterday approved by an overwhelming majority a $2-trillion bill to stimulate the economy hit by COVID-19. The rescue package, the largest-ever in the country’s history, includes cash payments to taxpayers, hundreds of billions in grants and loans to small businesses and core industries, medical equipment to hospitals and unemployment benefits.

The bill sets aside $250 billion for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits and $500 billion in loans for distressed companies.

Individuals earning less than $75,000 in adjusted gross income would directly receive $1,200 each. Married couples earning up to $150,000 will receive $2,400 and an additional $500 per each child.

The payments would be scaled down by income and phased out entirely at $99,000 for singles and $198,000 for couples without children, according to global newswires.

It offers $130 billion to hospitals and a $150-billion lifeline to cash-strapped state and local governments.

The bill is now headed to the House of Representatives, which must pass it before it goes to President Donald Trump for signature.

Fibre2Fashion News Desk (DS)

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