American congress launches economic relief bill

Published:

On: Mar 2020

Steven Mnuchin, the United States Treasury Secretary suggested the Senate to immediately pass an economic relief bill which has increased to $2 trillion as it would maintain airlines, small-scale businesses and various other companies from discharging workers because the COVID-19 closes commerce. Mr. Mnuchin said that this is an extraordinary liquidity program which is made up of approx. $2 trillion package, alongside actions by the Federal Reserve would offer dollar four trillion in desirable industry liquidity.

Meanwhile, he urged the US Senate to release the economic relief bill soon. Furthermore, Mnuchin said that people and numerous businesses could grab cash within the next 2 to 3 weeks and entreated with firms to control and not fire their employees. However, negotiations closed with no agreement acceptable to Democrats as well as Republicans.

And therefore, Mr. Mnuchin was moved back to Capitol Hill to work on a program that maintained the interests of huge companies, and small business, governing authorities and the healthcare system. The proposed plan of the economic relief bill would provide government loans for small-scale enterprises of 500 workers or low to pay 2 months of salaries and excuse debt if they reintroduce the workers, said by the Mnuchin.