After months of partisan fighting, lawmakers have finally agreed on passing a $900 billion relief package for people struggling during the coronavirus-caused economic downturn.
In the latest development, the House of Representatives okayed the bill authorizing the relief assistance for struggling families and individuals as well as small businesses. The Senate is likely to pass the bill without any obstacles after which President Trump will sign it.
The agreement on the bill came Sunday just on the eve of Christmas.
Treasury Secretary Steven Mnuchin has indicated the affected people would get assistance as early as next week.
As Mnuchin observed direct payments to people of $600 stimulus checks each to adults and kids will help stimulate economic activity, help small businesses, and ultimately aid the national economy.
But partly due to elections, Congress and the Administration lost precious time to move toward these goals. Much of the winter holiday season, normally as the season of shopping and sales have gone with Christmas just days away. If people are able to get promised aid in time, particularly the unemployed get their allowance with the addition of $ 300 weekly federal assistance, many would still like to spend on the New Year.
Millions of Americans who lost their jobs due to COVID-19 economic stagnation and the small businesses that suffered due to inactivity and lockdowns will be hoping to kick-start some activity that might help everyone.
The incoming Joe Biden Administration would have its work cut out for itself because on the one hand, the economy has to recover, on the other people have to have jobs and incomes, and above all this must happen even as the people get vaccines to stop the spread of the infectious disease.
The relief package may just be one step in America’s ongoing fight against the virus, and its struggle for economic recovery. A lot remains to be done to secure the economy and health of the nation.
