As uncertainty over the coronavirus brings the economy to a halt, the Trump administration is acting quickly to make sure that Americans have the financial relief through direct cash payments.
If the White House coronavirus stimulus plan passes through congress, each American adult would receive two $1,000 checks from the U.S. government.
Both checks would be delivered within the next 9 weeks.
Aside from a $1,000 for every taxpayer, there would be additional $500 check for every a child.
More details on the proposed stimulus can be found below!
Social distancing to prevent the spread of the coronavirus has already had a profound impact on the U.S. economy.
Aside from the uncertainty on Wall Street, American workers are increasingly worried about job security.
Those who work in the "gig industry" are among the most affected.
Waiters, waitresses, hospitality workers, rideshare drivers, and much more have seen a loss of income as everyone's lifestyle changed overnight.
The Trump administration understand the struggles of the people.
The president himself wants to move quickly to make sure that Americans have the support they need to stay financially secure during this crisis.
Fox News reports that the Trump administration is seeking to send two rounds of checks to Americans:
The White House is moving forward with a proposed $1 trillion coronavirus package that would infuse Americans' bank accounts with two rounds of direct cash payments.
The Trump administration is seeking $250 billion in payments to Americans starting April 6, followed by another $250 billion cash payment round beginning May 18, according to the working draft of the plan obtained by Fox Business Network.
The two payments to taxpayers would be identical and the amounts would vary by family income and size, according to the Treasury Department document on the "Stage Three" coronavirus proposal.
The Washington Post first reported the document.
The draft of the plan outlines a major economic infusion that goes well beyond the stimulus and bailout plans during the last financial crisis and designed to prop up an economy that has ground to a halt as stores and restaurants and schools are shuttering nationwide and families are isolating at home.
The Trump administration’s stimulus package is bigger than the 2008 bank bailout, and the 2009 American Recovery and Reinvestment Act, which was passed and signed under former President Barack Obama and totaled $787 billion to help stabilize the economy about 14 months after the last recession began.
Congress and President Trump already approved an $8.3 billion package to prop up the health care system to respond to the pandemic. The Senate Wednesday sent another bill to Trump's desk to give 14 paid sick days to workers, boost unemployment insurance, make coronavirus testing free and increase food assistance during the crisis; Trump signed it into law hours later.
But, all sides have agreed that the government needed to pass a third round of stimulus as soon as possible to help small businesses stay afloat, aid workers who have lost jobs and give the economy a jolt as American consumers nationwide have been stuck home.
While we live in uncertain times because of the coronavirus, the administration wants to provide assistance to Americans who have been negatively impacted.
These checks would be especially helpful for those who cannot work under social distancing.
Jobless claims have already begun to rise because of COVID-19.
If the bill passes, it will be the third that the Trump administration has passed to fight the coronavirus.
The first bill was focused on giving resources to health agencies so they can provide services, tests, and treatment to the public.
The second bill provided funds toward free coronavirus testing, emergency paid leave, and more unemployment benefits.
This proposed third bill would directly help American taxpayers, according to CNBC:
Treasury Secretary Steven Mnuchin on Thursday laid out details of the Trump administration’s plan to send Americans relief money as part of a massive stimulus package to blunt the impact of the novel coronavirus crisis.
Mnuchin said in a Fox Business Network interview that the plan, which is being discussed with congressional leaders of both parties, would send payments totaling $500 billion directly to Americans.
That money would be divided into two large tranches.
“The first one would be $1,000 per person, $500 per child,” Mnuchin said. “So for a family of four, that’s a $3,000 payment.”
“As soon as Congress passes this, we get this out in three weeks. And then, six weeks later, if the president still has a national emergency, we’ll deliver another $3,000,” Mnuchin said.
The Trump administration’s proposal comes as stocks continue to fall, jobless claims start to rise and the number of Americans infected with or killed by the COVID-19 virus continues to expand.
Mnuchin said the White House’s plan would also allocate $300 billion for small businesses, noting that “there will be loan forgiveness” for employees who keep their workers on the payroll. $200 billion would also be used for “more facilities” with the Federal Reserve, as well as secured lending to airlines and other critical industries being strangled by the crisis.
The bill would also help small business owners, who are the backbone of the U.S. economy.
Small businesses employ more workers than any other type of business.
The proposal must earn bi-partisan support in Congress to pass.