US Congress passes relief package, 4th emergency Coronavirus response bill passes in an unprecedented effort to provide support to the economy. US Congress voted 388 to 5 to approve legislation aimed at providing $484 billion for small businesses, hospitals, and a national Coronavirus testing strategy.
Lawmakers, many wearing masks, approved the bill during an extended period of voting intended to allow them to practice social distancing during the session.
The total spending response to the crisis amounts to an unprecedented $3 trillion so far. Countries all around the world are taking steps to resume normal life amid Coronavirus. A lockdown that has restricted the movement of half the planet has been in place long enough.
US Congress passed a $350 billion bill in March for supporting small businesses under the so-called Paycheck Protection Program, but the money was quickly used by ever-increasing demand.
The program was designed to help companies with fewer than 500 employees, but a number of larger companies found ways to obtain funds through their banks in the first round.
US Congress passes this bill to compensate for inequities in the US financial system by channeling $60 billion of the new funding through community lenders in under-banked neighborhoods and rural areas.
In the U.S unemployment is increasing day by day with nearly 26 million lost their jobs.
US Congress voted after data that another 4.4 million US workers had filed for getting unemployment benefits, taking the total number to 26.4 million since the pandemic intensified.
The world’s largest economy has been hit by about 50,000 deaths, more than any other country, and saw one of its deadliest days with 3,176 new fatalities in 24 hours.
As it looks like Coronavirus has reached its peak in Europe and the U.S, other countries are still in the early stages of the fight that has taken lives of more than 190,000 people and infected 2.7 million worldwide.
The WHO has warned that lockdown should remain until there is a viable treatment or vaccine.
The race for vaccine making in on around the world, with Oxford University launching a human trial of a potential vaccine on Thursday. Germany announced that similar trials will start by next week.