Trump Admin Works on Stimulus Package to Ease Economic Impact of Coronavirus

Treasury Secretary Steven Mnuchin said Tuesday that the Trump administration is working with Congress to provide an emergency stimulus package that would include $1,000 checks to Americans to help ease the coronavirus pandemic’s impact on the economy.

Another $300 billion would go towards helping small businesses avoid mass layoffs, according to two senior administration officials and a Treasury Department fact sheet.

“We are looking at sending checks to Americans immediately,” Mnuchin told reporters at a White House briefing on the virus. “Americans need cash now and the president wants to get cash now. And I mean now, in the next two weeks.

“We want to make sure Americans get money in their pockets quickly,” Mnuchin said. “We want to make sure small business owners have access to the funds. We want to make sure airlines, hotels. We have an entire package.”

The checks would primarily be aimed at Americans earning less than $70,000 a year, according to reports.

Mnuchin added that President Trump has also floated the idea of a payroll tax holiday.

“The tax holiday would get people money over the next six to eight months,” Mnuchin said. “We are looking at sending checks to Americans immediately. We have heard from hard-working Americans that many companies have shut down. People need cash now.”

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