The U.S. House of Representatives on Friday approved an unprecedented $2.2 trillion stimulus package to alleviate the economic devastation of the coronavirus pandemic and sent it to President Donald Trump to sign into law.
A man walks alone outside the Oculus transportation hub at the World Trade Center in lower Manhattan during the outbreak of the coronavirus disease in New York City, New York, U.S., March 27, 2020. REUTERS/Mike Segar
Self-employed workers, independent contractors and those who typically don’t qualify for unemployment benefits would be eligible. The government would also partially make up wages for workers whose hours are scaled back, in an effort to encourage employers to avoid layoffs.Loans for businesses that have fewer than 500 employees could be partially forgiven if they are used for employee salaries, rent, mortgage interest and utility costs. The bill also includes emergency grants for small business.
The fund would be overseen by an inspector general and a congressional oversight board. The Treasury secretary would have to disclose transactions.
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