The economic stimulus package that President Barack Obama signed into law this week was designed to give Americans relief from the economic crisis, but many people who received it were left to pay more in interest and fees for the government’s credit card, according to a report from financial firm E*Trade.
The bill also includes $1.4 trillion in direct stimulus payments to small businesses, and $300 billion in loans to small banks, which will help the banks provide loans to help pay for infrastructure projects, according a release from the financial firm.
However, the bills main focus is on boosting the economy and reducing the cost of doing business.
The bill also extends the unemployment benefits for 3 months, which has helped spur economic growth, according E*trade.
The president signed the bill on Thursday, the first day of the second quarter, and will sign the bill into law at a press conference in the Rose Garden on Friday.
The $1 trillion in stimulus will be used to support businesses that can pay back debt and to make up for the economic loss of people who were laid off due to the financial crisis, according the White House.
According to the White White House, this legislation will be paid for through a $1 billion payment to the federal government, $200 billion in direct loans and $1,300 billion for small business lending.
The stimulus will come from a $300 million tax credit, $400 billion of which will go to businesses, according President Obama’s Fiscal Year 2017 Budget request.
President Obama’s budget released earlier this month included $1-billion for businesses and small businesses to make payments to their employees.
In a separate statement, the White Houses Economic Policy Council said the stimulus payments would help businesses create jobs and spur economic activity.
The president’s budget would provide $400 million in direct payments to companies, while another $1 million will be given to small business owners who are responsible for payroll.
The stimulus bill is the second installment of Obama’s stimulus plan, and is expected to have the largest impact on small businesses.
The first bill passed by Congress included $500 million in stimulus payments and a $100 billion credit for small businesses that is expected only to boost the economy.