Republican and Democratic senators came to an agreement Wednesday morning on the $1 trillion stimulus plan outlined by Treasury Secretary Steven Mnuchin. The Coronavirus Stimulus Package, outlined less than 48 hours ago, promises to send a total of $2,000 to every American earning less than $1 million per year.
This drastic measure comes in the wake of a crashing stock market as well as the global pandemic of COVID-19. Businesses have remained closed down while contracted and service workers continue to struggle through all the city lock-downs.
The GOP economic stimulus plan, now unofficially dubbed The Coronavirus Stimulus Package, aims to inject more cash flow into the economy while also helping Americans currently in need.
“We’re looking at sending checks to Americans immediately, Americans need cash now, and the president wants to get cash now…And I mean now in the next two weeks.” – Treasury Secretary Steven Mnuchin
Coronavirus Stimulus Package Broken Down
- $250 Billion for Small Business support (direct payments and tax cuts)
- $120 Billion for Cruise/Airline Industry (bailot and tax cuts)
- $400 Billion for Large Corporations (tax cuts)
- $240 Billion for Direct Payment to American Citizens (direct payments)
The direct payments will come in the form of two checks, each for $1,000.
The Coronavirus Stimulus Package also includes a stipulation that further funding may go directly to American citizens if the situation does not resolve.
This proposal from the Trump administration comes about a week after Nancy Pelosi vetoed a similar Corona stimulus package involving payroll tax cuts. Some have speculated that the Trump administration is proposing this in a strategic response to turn democratic voters against their representatives.
Democrats have in general supported such measures to boost a struggling economy, however it was unsurprising that they pushed back on the Coronavirus Stimulus Package considering the popularity it could create for Trump in the upcoming 2020 elections.
Further instructions on how to receive your direct payments will be issued in the coming days. The White House expects checks to go out no later than April 6th.