Posted on 03/19/2020 1:43:44 PM PDT by Red Badger
Key Points
Treasury Secretary Steven Mnuchin on Thursday laid out details of the Trump administration’s plan to send Americans relief money.
The White House is talking to congressional leaders of both parties about a massive stimulus package to blunt the impact of the coronavirus crisis.
The proposal includes sending payments directly to Americans totaling $500 billion, broken up into two 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.
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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 administration’s plan may face opposition on Capitol Hill, however. Senate Minority Leader Chuck Schumer, D-N.Y., argued on the floor of his chamber Wednesday that sending one-or-two-time checks would not provide enough to support people who lose their jobs.
Schumer suggested instead that providing expanded and “beefed-up” unemployment insurance would cover Americans “for a much longer time and would provide a much bigger safety net.”
Mnuchin has spoken with Schumer multiple times over the past few days.
President Donald Trump has already approved multiple emergency aid packages aimed at slowing the spread of the virus and helping Americans who could lose their jobs or otherwise be affected. An increasing number of cities and states have banned large gatherings of people and have forced many businesses to limit their services, sparking fears that mass unemployment could follow.
Earlier this month, the president signed into law an $8.3 billion bill that sailed through Congress with near-unanimous support. On Wednesday, Trump signed an additional $100 billion package that includes provisions for emergency paid leave for workers as well as free testing for the deadly virus.
Find a way to put it in a stock market fund. The market is way oversold and if you put this in now, the kid will be set when he turns 18 (or 21).
Been there,done that and barely saved my mother from losing all her life savings. No thanks.
McConnell is introducing a plan where couples making less that $150k and individuals making less than $75k will get $2400 and $1200 respectively.
https://www.foxnews.com/politics/mcconnell-coronavirus-stimulus-plan-payments
Extend the unemployment benefits for laid off workers and leave the rest. It would be cheaper and less damaging to the economy. Don’t just throw money out the window to everyone.
Sure. People making more than $75,000 don’t get coronavirus, won’t require hospitalization, and certainly won’t lose their jobs. They only pay through the nose out of their 401k.
“How do I decline the checks?z”
Don’t. Just look at it as a refund of some of your tax for wretched wasted expenditures by the the filthy government.
My Facebook is filled with pissed off people. Since when is 75k with kids and student loans considered rich in this country?
I’m sorry that didn’t work out for your mom.
FReegards, SanchoP
Our nation cannot afford this ridiculous bribe giveaway proposal !
Our Constitution is being shredded all over the country, and THIS F'ING INSANITY HAS GOT TO STOP ! !
The 'little guys' that you purport to empathize with are being driven into the ground by the states' usurpations and in another week or two untold numbers of small businesses will be destroyed.
There's being rationally proactive, and then there's being hysterical.
We've already crossed the line into the latter's territory.
signed,
tomkat - one of your most ardent supporters
Will people have to submit tax returns first? How else will they know who makes under 75?
Some new news out of the late night/overnight radio talk show “Red Eye Radio”....they reported that the $75K upper limit is apparently for IRS “single” status....”married” status would be $150K...the helicopter $$ check being reduced by $5. for every $100. over those base #’s. More to come I am sure...bill is still “preliminary”. (Based on 2018 returns, or 2019 return if no 2018 filed).
They’ll probably just go by the most recently available info. Since the point is to dump money into the economy I don’t their terribly concerned about giving money to the “wrong” people.
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