It is about increasing the program to ensure the payment of salaries by 350 billion dollars.
Less than two weeks after U.S. lawmakers approved the largest economic aid package in the country’s history, on Thursday, April 9, Congress intends to allocate even more money to help Americans affected by the Coronavirus epidemic.
Congress wants to approve additional funding for the Wage Protection Program, worth 350 billion dollars, which will be implemented within the framework of the CARES Act, adopted to provide assistance and implement economic security measures in connection with the Coronavirus pandemic.
The $2.2 trillion economic stimulus package was quickly adopted by Congress at the end of March as the pandemic affected many U.S. companies that were forced to shut down their operations. The temporary shutdown of thousands of businesses contributed to record unemployment: nearly 10 million Americans asked for unemployment benefits during the second half of March. There has not been such a spike in unemployment in the country since 1982. Many analysts believe that these figures may soon reach a level that the United States last saw only during the Great Depression in the 1930s.
Under the CARES Act, laid-off and unemployed Americans will receive a federal allowance of $600 per week for four months, in addition to the regular allowance.
The Act also provides assistance to private entrepreneurs and small business owners. Small businesses will be given loans to cover the wages and expenses that entrepreneurs incur during the economic downturn.