President Donald Trump is considering sending individuals and small business owners checks ranging from $1,000 to $4,500 to help lessen the financial impact of the Coronavirus on the economy.
The Trump administration seeks $850 billion for a stimulus package to stimulate the economy amid unprecedented responses to the Coronavirus outbreak in America.
The stock market, tourism and airline industries all suffered huge losses as a result of the virus hysteria.
The Trump administration will also defer payments to the IRS by pushing back the deadline for making income tax payments from April 15 to July 15.
Trump will meet with Congress to seek approval for the package, including checks for $1,000-$4,500 paid directly to all Americans except millionaires and billionaires.
“Americans need cash now,” said Treasury Secretary Steven Mnuchin at a White House press briefing on Tuesday. “We want to make sure that Americans get money in their pocket quickly. We’re looking at sending checks to Americans immediately.
“We don’t need to send people who make $1 million a year checks,” Mnuchin said. “We’re going to preview that today and we’re going to talk about details afterward.”
“The president wants to put money in the economy now. If there are small business that can’t make payroll, those businesses will cease to exist.”
If Congress approves the stimulus package, the checks will be in the mail in April.
