White House officials are working with congressional Republicans on an emergency stimulus package that could send two $1,000 checks to many Americans and also devote $300 billion towards helping small businesses avoid mass layoffs, according to two senior administration officials and a Treasury Department fact sheet. White House coronavirus plan aims to send $2,000 to many Americans, includes $300 billion for small businesses
“No final decisions have been made and talks with Republican leaders remain fluid, but the growing scale of the $1 trillion rescue plan is coming into sharper focus. The White House will still need backing from Democrats before any plan can be pushed into law, but many Democrats have said they would support sending cash payments to Americans who are struggling to pay bills because of the virus’s economic impact. Still, multiple levels of negotiations remain.” Washington Post
Treasury Secretary Steven Mnuchin said Tuesday that millionaires would not receive checks. Lawmakers have been proposing income cutoff levels, with some calling for checks to about 75% of all Americans, namely those earning less than $65,000, and others proposing a cutoff at $50,000 for single people and $100,000 for married couples. - Federal stimulus package aims to send $2,000 in direct cash payments to millions of Americans amid coronavirus outbreak
Republican senators are scrambling to put together a $1 trillion fiscal stimulus package before a wave of bankruptcies and layoffs sends the economy into a tailspin.
Senior GOP lawmakers say negotiations will likely stretch into next week given the massive size and complexity of the legislation and competing ideas over how to distribute the aid. Senate GOP racing the clock to draft stimulus package
The $1 trillion package comes as the Trump administration attempts to curb the economic chaos caused by the coronavirus, with many state and local governments imposing widespread restrictions that make business operations untenable. North Carolina, Washington, Pennsylvania, Maryland, New York, Ohio, Illinois, Massachusetts, California, Michigan, Washington, D.C., and others have issued temporary closures or limitations on bar and restaurant service as the nation is encouraged to practice social distancing in an attempt to stop the spread of COVID-19. $1 Trillion Coronavirus Stimulus Unveiled: Corporate Bailouts and Loans, Checks for All