(NewsReady.com) – The $2.2 trillion COVID-19 stimulus plan has passed the Senate and the House and been signed into law — finally! The bill provides a great deal of relief to struggling Americans. Businesses, individuals and local governments will all get something from it.
Breakdown of the Senate’s $2T stimulus bill.
(Credit: reddit u/SevenandForty) pic.twitter.com/WQMHm7VOdu
— Matt Higgins (@higgins_matt) March 27, 2020
Though the picture above provides some detail, it doesn’t cover every industry that stands to benefit from the bill. The bill will:
- Give restaurants and retail shops an estimated $15 billion
- Allow community banks to reduce the amount of capital they must hold in reserve
- Allocate $17 billion to “businesses critical to maintaining national security”
- Permit for-profit colleges to retain federal funds for those that dropped out due to the coronavirus
Of course, big corporations also get a slice of the pie to help them provide jobs during the crisis. The airline and air cargo industry, which is set to receive $58 billion, needs help in particular as it’s a volatile business. This bill will go a long way toward addressing the economic crisis caused by the virus. Let’s hope it’s enough.
~Daily News for Busy People!
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