NewsCoronavirus

Actions

Trump administration discussing sending cash to Americans as part of stimulus package

WFTX-Default-Image_1280x720.png
Posted at 11:02 AM, Mar 17, 2020
and last updated 2020-03-17 13:09:11-04

During an hour-long press conference at the White House on Tuesday, officials with the Trump administration floated a plan in which they would send cash directly to citizens "within two weeks" in an attempt to boost the economy amid the coronavirus pandemic.

Treasury Sec. Steve Mnuchin did not go into specifics about the plan, and said more details would be released in the coming hours and days. Mnuchin added that should such a program go into effect, it would likely be sent to lower- and middle-class Americans within two weeks

When asked about a plan based on the payroll tax, President Donald Trump said his administration preferred sending cash to individuals directly because it would more quickly boost the economy.

Trump later said his administration could also still include a payroll tax as part of their stimulus package, or a combination of cash payments and payroll tax.

Sen. Mitt Romney (R-Utah) is among the lawmakers who have endorsed such a plan.

Mnuchin also said that Americans should still plan to file their taxes by April 15, and that the IRS will allow individuals to defer up to $1 million and corporations up to $10M for 90 days with no penalty.

Mnuchin also said that the administration plans to offer relief to the airline industry, calling the current pandemic worse for the industry than the Sept. 11 terror attacks.