The United States has recently reported a spike in coronavirus cases with almost 27,000 confirmed incidents and 348 deaths from the disease. The reports also took a heavy toll on the global and American economy, leading to a massive financial plunge.
US Treasury Secretary Steve Mnuchin announced an economic package against the coronavirus in an interview on “Fox News Sunday”, adding that the bill will include a $3,000 deposit for an average family of four. According to him, the planned measures include small business retention loans that would help about half of the American workforce.
Mnuchin also noted that the package stipulates up to $4 trillion for the Federal Reserve to support the economy.
Numerous workers across the country have had to stay home as the authorities announced an emergency due to the spread of COVID-19.
According to Goldman Sachs pessimistic forecast, a 24% drop in GDP may be expected in the second quarter of 2020, which is three times larger than any quarterly fall during the 2008-2009 financial crisis.
The United States is now among one of the countries worst-hit by the virus, currently fourth in the number of infected after China, Italy, and Spain; the US, however, has registered fewer deaths than these three countries as well as Iran and France.