President Trump signs historical economic relief package
Mar. 28, 2020
Global Korean Post
“This is a very important day.”
On Mar. 27, President Trump signed the CARES Act, the single biggest economic relief package in American History – twice as large as any relief bill ever enacted.
At $2.2 Trillion Dollars, this bill will deliver urgently-needed relief for our nation’s families, workers, and businesses
This historic bill includes the following:
- $300 billion in direct cash payments will be available to every American citizen earning less than $99,000 per year; $3,400 for a typical family of four. So a family of four: $3,400.
- And then $350 billion in job retention loans for small businesses, with loan forgiveness available for businesses that continue paying their workers. The workers get paid.
- Approximately $250 billion in expanded unemployment benefits. The average worker who has lost his or her job will receive 100 percent of their salary for up to four full months.
- $500 billion in support for hard-hit industries, with a ban on corporate stock buybacks — we don’t let them buy back the stock; we don’t let that happen — and tough limits on executive compensation.
- Over $100 billion to support our heroic doctors, nurses, and hospitals. And you see what’s happening. And I want to thank, while we’re here, also the incredible job that’s done by the Army Corps of Engineers and by FEMA. It’s been incredible. They did four hospitals in two days or three days, in New York. And they’re, like, incredible structures. What a job they’ve been doing. And they’re doing them all over the country.
- $45 billion for the Disaster Relief Fund, supporting our state, local, and tribal leaders.
- $27 billion for the development of vaccines, therapies, and other public health response efforts, including $16 billion to build up the Strategic National Stockpile with critical stockpiles. And I’m going to — we have tremendous supplies coming into the stockpile, and you’ll be seeing that and hearing about it in a little bit because we’re doing a news conference at 5:30 on what’s happening.
by Global Korean Post with files