The Pandemic Coronavirus has created a havoc all over the world. This deadly virus has affected almost all the nations in the world including the US. Millions of people have fallen prey to this deadly virus.
This pandemic has affected everything. Right from economy to lifestyle, it has not spared anything. And the biggest cause to worry is that there is no any approved drug or vaccination to treat this virus. Although scientists and medical experts are trying their best to find a cure for this virus. But nothing is confirmed as of yet. Hence the only way to fight against this virus is to follow all the precautionary measures.
The Stimulus Package
Covid-19 has hit the world’s economy badly. And many countries are going through a massive economic crisis. And US has been one of the world affected nation and has been facing economic crisis due to this ongoing pandemic. The US government in order to deal with the economic crisis created a new act called CARES Act which is the Coronavirus Aid, Relief and Economic Security Act.
The government released a 2.2 Trillion USD economic stimulus package in order to deal with the current pandemic situation. Three packages were already announced and implemented. And now it is time to release the fourth stimulus package.
The Fourth Stimulus Package
The phase four stimulus package has been confirmed. The economic adviser of the White House Larry Kudlow has shared some details on this package.
As per the sources the stimulus check for this package is less that $1,200 and would probably target the unemployed and low-income citizens. Although the package has not been declared officially but there are some probable things which will likely be included in this package.
The package is likely to contain unemployment reforms, extensions to paycheck protection programs. With other inclusions like capital gains tax holiday, assistance from direct mail checks to individuals and families and some other tax and wage related reforms.
Kudlow also said that package will be targeted more towards the unprivileged class. In order to bring back the economy it is necessary for the lower income groups to be financially improved. And he also said that it is necessary to reopen schools as they play a vital role in the nation’s economy. But only with certain protocols like masking, distancing, testing, hygiene etc.
As Covid 19 cases are above the peak in the US with more that 3.3 million cases. So let us see how does this package helps the nation in dealing with the economic crisis.