US media: Government Plans to Distribute $ 500 Billion to Citizens - News-Credit-Mortgage-Coin


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Thursday, March 19, 2020

US media: Government Plans to Distribute $ 500 Billion to Citizens

According to media reports, the US government plans to distribute around $ 500 billion directly to taxpayers as part of an economic stimulus package to mitigate the economic consequences of the coronavirus epidemic.

The two $ 250 billion disbursements in April and May are to be staggered according to income and family size, the Washington Post and New York Times reported Wednesday, citing a proposal from the Treasury Department.

The payments should, therefore, be made by check or bank transfers. US President Donald Trump said the exact amount of the payments to US taxpayers is still being negotiated. "We're checking a lot of numbers," Trump told journalists.

The document also said that the heavily affected aviation industry will be provided with loans of $ 50 billion. Another $ 150 billion is expected to be made available for loans to other areas of the economy. A further $ 300 billion is expected to be available for loans to small and medium-sized companies with up to 500 employees. The loans would be provided by regular financial institutions and guaranteed by the government to help businesses survive the economic consequences of the Covid 19 pandemic, the paper said.

Treasury Secretary Steven Mnuchin had already announced on Tuesday that the government would use an aid package to pump around $ 1 trillion into the economy. Discussions with the congress on the release of funds are currently in full swing.

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