Steven Ahle| The White House is planning two disbursements of checks. Two will go to every eligible household. The first one will be sent out starting on April 6th for $1,000, and the second one will be sent in mid-May, also for $1,000. The cost of this program will be 500 billion dollars. If you take the $500 billion and divide it by $2,000, you come up with 250 million recipients.
There is much eagerness in the Senate for the appropriation but look for the Democrats either in the Senate or the House to try to block it, or at least delay it. The Democrats see the DTMNBN (Disease That Must Not Be Named) as their last great hope to defeat Trump in November, so I expect them to make it look like they are working for the people – but they will really be working for the party.
The entire stimulus package will cost over one trillion dollars. There would be $50 billion to stabilize the airlines, $150 billion to issue loan guarantees to other struggling sectors, and $300 billion for small businesses. The bill requires approval by Congress before President Trump can act.
The checks, which will go to many Americans, will cost the federal government $500 billion.
“The Treasury plan, which requires approval by Congress, also recommends $50 billion to stabilize the airlines, $150 billion to issue loan guarantees to other struggling sectors, and $300 billion to for small businesses. The plan appears to anticipate that some of the loans would not be repaid,” the Associated Press reported.
The details are for the third coronavirus response bill that lawmakers hope to pass next week. Direct payments would go to U.S. citizens only, and would be “tiered based on income level and family size.” The two payments would be identical, with the second wave starting by May 18.
Treasury Secretary Steven Mnuchin said the full stimulus package to shore up the economy is expected to top $1 trillion.
The Secretary also announced a plan regarding taxes. “If you owe a payment to the IRS, you can defer up to $1 million as an individual,” he said, adding that the payments would be “interest-free and penalty-free for 90 days.” But Americans must still file by April 15.
“All you have to do is file your taxes; you’ll automatically not get charged interest in penalties,” Mnuchin said during a coronavirus briefing Wednesday with President Trump looking on.
A new Marist poll conducted for NPR/PBS News earlier this week found that 18% of adults in the U.S. said that they had already lost their job or had their hours reduced due to the pandemic.