Virus relief package of cheques, tax breaks and business aid, the second biggest rescue in U.S. history, passes Congress

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Economists say the aid should be enough to avert a double\u002Ddip recession next year, though risks remain

The Senate followed the House late Monday in passing by overwhelming margins the US$2.3 trillion bill, just hours after lawmakers got their first look at the 5,593 pages of text. The White House has said President Donald Trump will sign it.

While the bill is smaller than many economists had anticipated months ago, it could be enough to ward off another contraction in gross domestic product. “Who in their right mind thinks that this a responsible way of governing?,” Republican Senator Rick Scott of Florida said in a statement before voting against the bill.Article content continued

For the unemployed, US$300-per-week in enhanced unemployment benefits will be put in effect through March. Unemployment insurance programs for gig workers and the long-term unemployed also would be extended. There’s US$284 billion for the Paycheck Protection Program that provides forgivable loans to small businesses. Companies that previously had a PPP loan can qualify for a new one, and their PPP grants would be made tax deductible.

While the bill clears the decks for the incoming Biden administration by wrapping up the fiscal 2021 budget process, it leaves Democrats ready to push for more stimulus after the Jan. 20 inauguration. Many of the aid provisions will expire in the first quarter of next year, so additional relief could be needed by March.

 

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