Trump administration supports sending cash payments
Published 12:00 am Wednesday, March 18, 2020
The Trump administration said Tuesday that it supports sending cash payments to Americans in the next two weeks as part of an economic stimulus package to help the economy in light of the coronavirus.
“We’re looking at sending checks to Americans immediately,” Treasury Secretary Steve Munchin said Tuesday. “And I mean now, in the next two weeks.”
The idea began in Congress and is part of an $850 billion stimulus plan and would be the largest of its kind.
The Trump administration also said it wants legislation to help businesses, aid the airline industry and other measures.
Additionally, the Treasury Department and Federal Reserve took measures to make borrowing money easier for companies and taxpayers received an additional 90 days to pay taxes.
Initially, President Trump had demanded that Congress eliminate the payroll tax, but decided that it would take too long for the American people to see relief from it.
“Payroll tax is one way, but it does come over a period of months, many months,” Trump said Tuesday, speaking at a briefing of the administration’s coronavirus task force. “And we want to do something much faster than that. So I think we have ways of getting money out pretty quickly and very accurately.”
There is talk of cash payment of $1,000 coming to Americans.
Mnuchin said he did like the idea, but did not commit to a certain dollar figure.
Additionally, it could be income-based making high-income households ineligible.