(Liberty Bell) – You’ve probably heard rumors of the $1,000 checks which will be sent out to every American to help ease the surely serious blow that our efforts to combat the coronavirus outbreak will no doubt be to so many working families.
On Wednesday, the Treasury Department said that it would like to start issuing these direct payments to Americans.
They will issue the first checks on April 6th and a second wave sometime in the middle of May.
The total cost of sending out these payments, which you have no doubt been wondering, will cost the American people $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 explained that the total cost of the full stimulus packaged is expected to be as much as $1 trillion.
Secretary Mnuchin also announced a plan to ease taxes accordingly.
“If you owe a payment to the IRS, you can defer up to $1 million as an individual,” he said, adding that these payments would be “interest-free and penalty-free for 90 days.”
Americans still must file by April 15th, however.
“All you have to do is file your taxes; you’ll automatically not get charged interest in penalties,” Mnuchin explained during a Wednesday coronavirus press briefing from the White House.
The impact of coronavirus-related closures has been severe. According to a new Marist poll conducted for NPR/PBS earlier this week, 18% of adults in the US report having lost their jobs or had their hours reduced due to the pandemic.
The House has already passed a coronavirus spending package which is being taken up by the Senate on Wednesday.
Trump, who has already said he will sign the package once it reaches his desk, began pushing another $850 billion stimulus plan on Tuesday.
“Wednesday’s legislation would speed the delivery of testing for the virus and provide paid sick leave to workers, but the focus in Washington has already moved to development of a far, far larger response bill that would inject hundreds of billions of dollars into the faltering economy, provide relief to shuttered businesses, and help keep airlines from going under,” the AP reported.
Also on Tuesday, Trump said he’s behind direct payouts to Americans.
“I think we’re going to do something that gets money to them as quickly as possible. That may not be an accurate way of doing it. Some people obviously shouldn’t be getting a check for $1,000 but we’ll have an idea at the end of the day what we will be doing,” he said.
“We’re going big,” Trump said. “We want to go big, go solid.”