President Donald Trump on Friday signed a nearly half-trillion dollar relief package for the US economy in the latest bid to stave off the crushing effects of the coronavirus shutdown.
The package will pump another $483 billion of funds into the world's biggest economy. A majority of the money, which follows a $2.2 trillion rescue fund enacted in March, will be sent to small businesses.
Earlier, the House of Representatives passed a new $483 billion economic stimulus bill Thursday as US job losses due to the coronavirus soared and businesses clamored for more support.
The House voted overwhelmingly for the bill, already passed by the Senate, and President Donald Trump indicated he would quickly sign it into law to pump more emergency funding into the world's largest economy. The bill came as another 4.4 million US workers filed new claims for jobless benefits, bringing the total to 26.4 million since mid-March.
Unemployment has rocketed as much of the nation shut down to stall the spread of the virus, which has taken about 48,000 lives across the country since February.
The House vote capped two weeks of wrangling by Democrats and Republicans over how to add to the massive $2.2 trillion CARES act enacted in late March to support businesses and families hit hard by shutdowns and layoffs.
The unemployment claims figures released Thursday show that layoffs have continued at a high rate for a fifth week, despite help from Congress.
The new package would provide another $320 billion for small businesses to keep their doors open and pay their workers, after the initial $349 billion in the Paycheck Protection Program was drained in just two weeks.
The new funding will also provide $75 billion for hospitals, $25 billion to expand virus testing and $60 billion in disaster recovery loans and grants. Lawmakers donned masks to enter the House in small groups to comment on the legislation and then to vote, with the chamber emptied out for a sweeping sterilization halfway through the session.
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