The US government was rather prompt to respond to the coronavirus crisis. In late March, the US Senate passed a $2.2 trillion relief bill to blunt the impact of the economic downturn caused by the pandemic. The stimulus package features a wide-ranging support program which includes one-time direct payments to individuals and support measures for large and small businesses. The bill includes a $350 billion loan program and payroll tax relief for small businesses and $250 billion in unemployment insurance benefits. Over $46 billion will be allocated for combating coronavirus and $500 billion in loans will be issued for a so-called slush fund created to bail out distressed companies. The emergency stimulus package is probably best known for its one-time $1,200 direct payments to taxpayers with incomes up to $75,000 per year. What is more, families will receive an additional $500 per child. However, these fiscal measures do not apply to businesses controlled by US President Donald Trump as well as by members of Congress and Trump’s administration. This is the largest rescue package in US history and it is expected to help revive both the American and the global economy. The coronavirus relief bill, along with measures taken earlier by the US Federal Reserve, has raised hopes for possible improvement in the economic situation.
