United States President Donald Trump on Friday signed the $2.2 trillion financial package to alleviate the economic impact of coronavirus on citizens.
The signing followed House of Representatives’ approval of the bill.
The Senate had passed same on Wednesday.
“This will deliver urgently needed relief to our nation’s families, workers and businesses. And that’s what this is all about,” Trump said at a signing ceremony in the Oval Office.
The government will make $290 billion direct payments to Americans earning below $99,000 per annum.
They are expected to get up to $1,200 each and $500 per child.
That’s N455,000 and N190,000 respectively, using the N380 uniform exchange rate recently adopted by the Central Bank of Nigeria (CBN)
The package includes the payment of another $260 billion to jobless and laid-off workers for up to four months.
Small businesses with less than 500 employees and airlines will get a total of $881 billion as soft loans.
Over 3 million Americans have filed for unemployment benefits due to job losses caused by the outbreak.
U.S. has overtaken China and Italy as the worst-hit country.
The country currently has nearly 100,000 cases of the global pandemic, which has claimed nearly 30,000 lives.
Source: News update