President Donald Trump is pushing for a huge economic stimulus package in the light of the coronavirus pandemic, which will include not only supporting the industries hit most, such as airlines and hotels, but also sending checks directly to Americans.
“We want to go big,” Trump said on Tuesday at a news conference from the White House, the New York Times reports.
According to the report, Trump will ask Congress for about $850 billion in additional stimulus to help bolster the economy as businesses start to feel the blow of state-imposed shutdowns and other government-issued recommendations and ordinances to help curb the spread of the virus.
“We’re looking at sending checks to Americans immediately,” Treasury Secretary Steven Mnuchin confirmed. “I mean now, in the next two weeks.”
As the Times notes, Trump originally promoted a payroll tax cut holiday, but as that faces bipartisan opposition in Congress, and as the situation evolves and becomes more urgent, he has pushed Mnuchin to pursue more immediate measures.
“The president has instructed me [that] we have to do this now,” Mr. Mnuchin said.
The package will include payments to small businesses, as well as loan guarantees to impacted industries.
ESSENCE is committed to bringing our audience the latest facts about COVID-19 (coronavirus). Our content team is closely monitoring the developing details surrounding the virus via official sources and health care experts, including the World Health Organization (WHO), the Centers for Disease Control and Prevention (CDC), and the Occupational Safety and Health Administration (OSHA). Please continue to refresh ESSENCE’s informational hub for updates on COVID-19, as well as tips for taking care of yourselves, your families, and your communities.