The White House announced Tuesday that it is pitching a $1 trillion economic package to help support Americans amid the coronavirus outbreak, $250 billion of which would be used for direct payments to Americans.
“We have put a proposal on the table that would inject one trillion dollars into the economy,” Treasury Secretary Steven Mnuchin said on Capitol Hill after meeting with Senate Republicans to discuss the White House’s plan.
“This is a combination of loans, this is a combination of direct checks to individuals, this is a combination of liquidity for small businesses,” Mnuchin continued.
The White House said that if Congress acts quickly, checks could go out to Americans by late April. But that could still leave millions of workers stressed trying to make rent and other payments due at the beginning of the month. The White House spoke about the proposal of sending checks directly to Americans during a news conference earlier Tuesday morning.
“Americans need cash now and the president wants to get cash now,” Mnuchin said. “And I mean now in the next two weeks.” President Donald Trump said that he favored more immediate action that could get cash into American’s pockets faster than waiting for the next payday.
Who is getting paid?
“We don’t need to send people who make a million dollars a year checks,” Mnuchin said. On Monday Sen. Mitt Romney, R-Utah proposed giving every adult $1,000 to help meet financial obligations. A group of Senate Democrats, led by Michael Bennet of Colorado, Cory Booker of New Jersey and Sherrod Brown of Ohio, proposed sending as much as $4,500 to each American. Rep. Ilhan Omar, D-Minn announced her that she plans to give $1,000 to every adult and an additional $500 per child.
Mnuchin said that the White House would also be announcing a $300 billion deferment in Internal Revenue Service payments, but still encouraged Americans who expected to get a refund to file their taxes by the usual April 15 deadline. Individuals who owe money to the IRS can defer up to $1 million and $10 million for businesses.
McConnell said in a press conference that “we’re examining policy tools to put money directly and quickly into the hands of American families.” So there may be a check coming your way.