Treasury Secretary Steven Mnuchin laid out details today 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 the plan, which is being discussed with congressional leaders of both parties, would send payments directly to Americans totaling $500 billion.
IF PASSED, the Trump administration will put into play $250 billion in payments sent to Americans starting April 6, followed by another $250 billion cash payment round sent on May 18, according to the working draft of the plan. The two payments to taxpayers would be identical.
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.
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 be otherwise affected. An increasing number of cities and states have banned large gatherings of people and have forced many businesses to limit their service, 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. Yesterday, 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.