Treasury Secretary Steven Mnuchin announced Thursday the Trump administration is supporting a $1 trillion coronavirus response package that includes up to $2,000 being sent to American adults and $1,000 per child.
Mnuchin explained on Fox Business Network the cash would go out in two phases, with $1,000 per adult and $500 per child being sent out in a matter of weeks. A family of four, including two parents and two children, would thus get $3,000 right off the bat.
“As soon as Congress passes this we’d 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 treasury secretary justified the action, saying, “This is an unprecedented situation, where for good reason the government has instructed major parts of the economy to close down so that we can win this fight against this virus.”
“While we’re doing that, we understand there are impacts on hard-working Americans, and the president is determined that we are going to support them,” he added.
The price tag for the two tranches of direct payments to Americans would be $500 billion.
Asked during a Tuesday news conference if there will be income restrictions regarding who gets the checks, Mnuchin responded, “I think it’s clear, we don’t need to send people who make a million dollars a year checks.”
The administration is also seeking $300 billion to assist small businesses in keeping people employed.
“That money needs to be used for hiring people, keeping people on the payroll, and if they do, there will be loan forgiveness on that afterwards,” Mnuchin said.
Finally, $200 billion would go to assisting the airlines and other industries that are most impacted by the coronavirus outbreak.
On Wednesday, President Donald Trump signed the Families First Coronavirus Response Act.
The legislation includes paid sick leave benefits, enhanced unemployment benefits and free testing for the coronavirus.
On Thursday, Trump announced the Food and Drug Administration is making drugs used to treat malaria available “almost immediately.”
The drug chloroquine has shown promising results when used for treatment of coronavirus patients overseas.
The major stock indices were up on Thursday after experiencing steep declines on Wednesday.
At a news conference on Tuesday, Trump predicted the economy will “pop” when the coronavirus outbreaks ends.
“One day we’ll be standing possibly up here, we’ll say, ‘Well, we won,’” the president said. “As sure as you’re sitting there, we’re going to say that. … I think we’re going to win faster than people think, I hope.”
Truth and Accuracy
We are committed to truth and accuracy in all of our journalism. Read our editorial standards.