The American Apparel and Footwear Association (AAFA) has welcomed US Senate approval of a S$2 trillion war chest which will ease the hardship felt by businesses across the country since the outbreak of the COVID-19 which is now rampant in the states.
An estimated 3.3 million people filed for unemployment in the USA last week alone as it reels from a surge in virus cases and a huge hit to its economy. Senators have now agreed to the terms of a new bill which will provide direct payments of $1,200 to millions of individuals who earn $75,000 or less, and an additional $500 per child. Whilst $500bn is set aside to help companies via a loan system and $350bn has been designated to support small businesses.
AAFA has urged the US President to swiftly approve the bill – an action Trump has already affirmed that he will – to alleviate the strains felt on business owners and employees across the country.
This legislation will inject liquidity into the system allowing companies to sustain operations, and keep employees on the payroll so they start up quickly once health authorities give us the all clear.
Broken down, the bill – passed following a brief hiccup as Democratic and Republican Senators squabbled over unemployment benefits – will alleviate some of the financial burden left on the doorsteps of individuals paid under US$75,000, which will now be afforded a monthly pay packet of US$1,200 until they’re able to resume work.