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.
The checks are a terrible idea.
But, if you are sent one, don’t you dare decline it. Don’t burn it or tear it up. You will be paying for it later, just as we all will be paying, one way or another, because most people sent checks will happily accept theirs.
Whatever you say. He is the rat mole in charge and President Trump wants it that way.
I get a check fo $1000.00.
Next year my taxes go up $1000.00 plus some extra to pay for all the people who had to handle my money between me getting it and me paying it back.
So ghetto moms and Starbucks baristas get big checks while people working get hack shit. Does Trump think those same people will vote for him over Biden? This is a horrible idea. Disperse it equally
Why?
Imagine your business is a family run restaurant. Not through any fault of your own, the government shuts it down, or forbids customers from eating there.
You make $250K per year, but have many huge expenses: Food, power, payroll, other supplies... The mortgage for legitimate business property and other business loans still have to be paid.
How?
Maybe you wanted to keep it clean, provide customers a nice plate of food, do everything to keep your income, but the government prevents it.
The Mormons will beak us all!.......................
Although it is OUR money to begin with, you can bet the IRS doesn't see it that way.
ridiculous.
Trump’s the boss so that’s it. That said, there have been some bad appointments.
I sincerely hope that the implementation of this relief package includes an opt out of payment provision for those who are financially secure.
We are hardly wealthy. But we do not to need the Federal government borrowing $2,000.00 to make a payment that I and my better half don’t want or need.
If it must be borrowed, at least let it be directed to families that actually need it.
Mole??...BS
Problem with unemployment is not everybody can get it.
As a self employed private contractor I can’t get unemployment if my business goes under.
Many are in the same boat I am in.
A plus for me is my line of work will survive this event.
I made the mistake of clicking the CNBC story. The page is loaded with articles that say it’s over, this has destroyed what slim chance Trump had to be re-elected.
I believe Trump has already extended the Unemployment time.
Then again, some people live with family and do not work. This is going to be interesting.
Cool! I can buy two nice pistols and some ammo for $1K.
What you wrote is absurd.
I can buy an AR-14!........................
Clumsy approach. Money will be getting to those who don’t really need it
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