This isn’t MMT...it is not funding government purchases, nor is it reducing the velocity of money...it is designed to put money into the system to chase goods and services and keep the payments on previous purchases as whole as can be, keeping them, and the people behind them, afloat in the short term. If you follow that with an additional stimulus in the form of a tax cut or tax holiday, you can ramp up economic activity on the other side of the crisis. This is not like WW2, where crisis debt funded increased government activity.
This is something you can do as the world’s reserve currency, and the currency everyone else in the world is desperately seeking to their hands. You think the demand for China goods and services is going to be skyrocketing coming out of this?
What the federal reserve is doing is exactly MMT. Print $4 tril in one week to buy bonds of all types and likely another round of that coming in a month...maybe even buying stocks too. This is literally the definition of MMT. Get a clue.