On Thursday, Treasury Secretary Steven Mnuchin revealed details of the Trump administration‘s financial plan to send money as part of a stimulus package to soften the blow of the Coronavirus outbreak.
Mnuchin said in a Fox Business Network interview discussing the fiscal stimulus plan. Congressional leaders are talking about the plans, which would send payments to Americans. The total cost of the stimulus plan would total $500 billion, and the government will divide the money into two large amounts.
“The first one would be $1,000 per person, $500 per child,” Mnuchin said. “So for a family of four, that’s a $3,000 payment.”
“As soon as Congress passes this, we 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.
This news comes after the United States stock market dropped Wednesday.
The Dow Jones Industrial Averages futures were down more than 900 points, which is approximately 4%, as the stock market deals with the coronavirus pandemic.
President Trump, on Wednesday, revealed via Twitter that the U.S. border with Canada would be closed temporarily, but “trade will not be affected.” Trump’s actions are the latest of a series of border shutdowns, mandates, and advisories around the world to combat the Coronavirus.
According to a new NPR/PBS NewsHour/ Marist poll, nearly 1 in 5 households are experiencing a layoff or a cut in work hours. As Project Casting reports, AMC movie theaters are closing their doors for the next 6 to 12 weeks. Meanwhile, new policies are forcing businesses to shut down or change their business model.
Mnuchin said White House’s plan would set aside $300 billion for small businesses and “loan forgiveness” for employees who keep their workers on the payroll. $200 billion would be used for “more facilities” with the United States Federal Reserve and lending towards industries severely damaged by the COVID-19 outbreak.
Despite the attempt to boost the economy with Trump’s financial plan, there is some political push back. Senate Minority Leader Chuck Schumer, D-N.Y., argued on Wednesday sending one-or-two time checks is not enough to support the American people who lose their jobs. Instead, Schumer suggested “beefed-up” unemployment insurance for “for a much longer time and would provide a much bigger safety net.”