Page 29 - Nile Explorer Issue 007
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Photo: President Donald Trump during a signing ceremony for a stimulus package, in the wake of the coronavirus pandemic,
Friday, March 27, 2020.
I n a flurry of activities to contain the The package provides roughly $500 The size of the package far surpasses the
$800 billion measure signed by former
billion in loans and other assistance for
spread of the COVID 19 the US, now
the epicenter of the pandemic—as t major companies, including $62 billion President Barack Obama following the
March 29, The U.S. had become the for the airline sector, as well as cities and 2008 financial crisis. Combined with
worldwide epicenter of the epidemic, states struggling with virus-related Federal Reserve measures, it would
with more than 97,000 people infected, financial burdens. provide around $6 trillion in stimulus to
surpassing China— President Donald the economy, according to chief White
Trump signed the largest stimulus pack- It includes $350 billion in aid for small House economic adviser Larry Kudlow.
age in U.S. history on Friday, a $2 businesses and offers $1,200 direct Also of note, are some smaller items
trillion bill intended to rescue the coro- payments to middle- and low-income unrelated to the coronavirus pandemic
navirus-battered economy. The num- American adults, plus $500 for each were added to the massive piece of legis-
bers of infections have since surged, child. Hospitals would receive $117 lation, including $25 million for the
rising well over the 100,000 mark and billion in assistance, as many become John F. Kennedy Center for the
worryingly growing. overwhelmed with virus patients. Performing Arts in Washington, $7.5
Unemployment insurance would also million for the Smithsonian and $75
“This will deliver urgently needed grow to $600 per week, on top of exist- million for both the National Endow-
relief,” Trump told reporters at the ing state benefits. ment for the Arts and the National
White House, as he was joined by GOP Endowment for the Humanities.
leaders but no Democrats. “We’re going It will also give $100 billion to help
to keep our small businesses strong and
our big businesses strong.” hospitals that are either struggling to
cope with the influx of patients or
The hard-won plan will provide a braced for a surge in coronavirus
massive injection of loans, tax breaks patients. The government will also
provide a $500 billion fund, which will
and direct payments to large corpora-
tions, small businesses and individuals include $46 billion for commercial
whose revenue and income have plum- airlines, among other industries, and
meted under “social distancing” restric- $454 billion for the Federal Reserve to
tions meant to slow the virus’ spread. leverage businesses, states and munici-
palities.
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