News Developments 3/17/20
2PM — Trump administration to supply American’s with direct financial support.
The Trump administration is taking steps to stave off the economic crisis perpetuated by the Coronavirus, which has cascaded into huge swaths of workers losing their jobs. During a Republican briefing on Capitol Hill, Treasury Secretary Steven Mnuchin relayed the President’s support of the idea of sending money directly to Americans as part of a $850 billion stimulus proposal, stating that “The President has instructed me we have to do this now,”.
This comes on the heels of a planned payroll tax cut, which has been shifted down in priority due to its implementation requiring months to reach people. $250 billion of the stimulus plan is envisioned to cover two weeks of American’s lost wages and will be sent by the end of April, with additional checks being made available in accordance with extensions to the national emergency. Mnuchin also stated that President T
rump’s plan for injecting $300 billion into the economy stems from a plan to allow deferments on tax payments, interest free and penalty free for 90 days. In addition to this, the Trump administration is showing support for $50 billion in economic relief for the airline industry, which has taken a massive financial hit since the spread of the virus and the resulting travel bans.
The President has requested that during this time of crisis that Americans not hoard food supplies and avoid groups of 10 or more, as well as working from home if possible.
