Home Commercial Awareness The US Stimulus Package Has Been Passed

The US Stimulus Package Has Been Passed

by Melissa Cox

By Melissa Cox

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After months of negotiations, the $900bn USD stimulus package was passed by both the Senate and The House of Representatives in order to aid families and businesses affected by the coronavirus pandemic in the US. This $900Bn package will also be paired together with a $1.4tn USD spending bill that will help to fund the federal government until the end of September 2021. The stimulus package passed by the Senate and House of Representatives included a one-time payment to Americans who earn less than $75,000 of $600. The spending bill will then aid with providing further unemployment benefits for 11 weeks.

Despite the bill being passed by both the Republican-run Senate and the Democrat-run House of Representatives, once it was sent to Donald Trump, unexpected issues were raised. The two main changes Trump wanted to see was a cut to all foreign aid and the one-off payment of $600 to Americans raised to $2,000. Now, Democrats are trying to stop Republicans from cutting foreign aid and Republicans are trying to stop the rise of the one-off payment to $2,000.

Although for once Donald Trump and liberal Democrats are agreeing on something, Trump’s actions have put millions of unemployed Americans in a tight position. Before the bill was sent to Trump, there were hopes that people would be seeing the benefit of money before the end of the year. But now that it has been sent back and further negotiations are needed, an estimated 12-14 million Americans will suffer from a lack of unemployment benefits. The unemployment rate in the US has also been on the rise since Thanksgiving in November, so the stimulus package urgently needs to be put into action.

Negotiations are still taking place and there are millions left in uncertainty. President-elect Joe Biden has publicly criticized Trump’s actions, branding it an “abdication of responsibility.” Trump has defended himself, stating that he believes the one-off payment of $600 was far too little and by cutting foreign aid struggling Americans could receive the help that they desperately need.

However, although Trump has expressed his concerns now over the amount given in relief to struggling Americans, his financial advisor would have made it known to Trump what the situation was with the stimulus package. Because of this many are wondering why Trump did not speak up much longer ago and has left it till the last minute until millions will be receiving their last benefit sum to put a spanner in the works. People have speculated that Trump was not paying attention to the negotiations of the stimulus package, and therefore has resulted in the current situation.

The $900bn stimulus package will go on to provide relief to a variety of different people and businesses. Aid is to be provided to industries such as the entertainment industry, transportation, schools, postal services, agriculture, child-care, as well as the development of vaccines and support of the health care sector. $300 billion will go to aiding struggling small businesses that have been badly affected by the coronavirus pandemic.

The stimulus package will also put an end to ‘surprise medical billing’, the instance in which a person is unexpectedly required to receive treatment from providers that their health insurance does not cover. This normally results in abnormally high medical bills for the patient and little is done to help them by insurance companies or doctors. With the support provided by the stimulus package, doctors will now have to settle payments with insurance companies rather than the patient themselves.

As negotiations continue for the stimulus package that can be signed by Trump and put into action, anxiety levels run high for those who were anticipating much-needed help after the devastation the coronavirus pandemic has brought to their businesses and way of life. Hopefully, support will be provided to those who need it soon, and the process of recovering from the coronavirus can begin.

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