US Senate Approves Nearly $500billion Worth Of Legislation As Emergency Funding For Businesses

The United States Senate has approved legislation of about $484bn to provide funding for small business jobs programme, hospitals overrun by the coronavirus outbreak, and a national testing impetus to help curb down the impact of the COVID-19 (Coronavirus) pandemic.

The bill approved by the Senate on Tuesday will see the allocation of $25 billion go for the testing strategy which was insisted upon by the Democrats, who claimed that it will help reopen the nation’s economy.

An Allocation of $320billion is for small businesses which is designed in helping them keep their employees until the full-scale reopening of businesses and other corporate ventures. Part $60billion is intended to be directed through community lenders to under-banked neighbourhoods and rural areas.

The sum of  $75bn is to be directed to hospitals affected by the coronavirus pandemic while $60billion is for economic disaster assistance, as well as $11bn for states, according to the summary of the legislation reported by al-jazeera.

The US has spent over  $2trillion on emergency relief spending with this being the fifth bill to pass through the Senate. Democrats who in previous bills have criticized their scopes have expressed satisfaction over the bill.

However, Republican Senator Rand Paul has expressed concerns over the financial impact of the reliefs. According to Paul, these massive spendings, financed by the sale of government bonds will only burden future generations with too much debt.

“The US can manage this disease without the draconian lockdown of the economy and should quit ‘printing’ bailout cash,” he said.

The US currently has about 814,000 confirmed cases of COVID-19 virus with over 40,000 deaths.

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