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The White House has asked Congress for $1.3 trillion amid the coronavirus crisis. This sum includes $500 billion in direct payments to Americans, $50 billion in loans to the airline sector, and $150 billion to other “distressed sectors” of the economy.
To survive in the coronavirus crisis, the U.S. White House has come up with the proposal to send Americans relief money. Donald Trump‘s administration is planning to make direct payments of $1,000 per adult and $500 per child as a part of a great stimulus package to mitigate the effects of COVID-19.
The congressional leaders of both parties are now discussing the proposal. According to Treasury Secretary Steven Mnuchin, if passed, the plan will be lived up within three weeks.
The total amount of direct payments would make up $500 billion. The administration is planning to divide this sum into parts.
“The first one would be $1,000 per person, $500 per child. So for a family of four, that’s a $3,000 payment. As soon as Congress passes this, we get this out in three weeks. And then, six weeks later, if the president still has a national emergency, we’ll deliver another $3,000.”
Furthermore, the White House has asked Congress for an additional $1.3 trillion. This money includes $500 billion in direct payments to Americans, $50 billion in loans to the airline sector that has seriously suffered, and $150 billion to other “severely distressed sectors” of the economy.
“We’re really focused on providing liquidity to American businesses and American workers. This is an unprecedented situation where for good reason the government has instructed parts of the country to shut down.”
The proposal has already faced opposition. Senate Minority Leader Chuck Schumer, D-N.Y., said on Wednesday that sending one-or-two-time checks is not enough to cope with the coronavirus crisis. A lot of people are losing their jobs, and a $3,000 sum for a four-member family is insufficient.
Earlier, the Trump government announced direct payments and tax reliefs to individuals and small businesses.
Coronavirus Crisis: Measures in Other Countries
The coronavirus outbreak has brought problems to all the economies. Therefore, governments have to think on their feet and find solutions to the situation.
For example, the Chinese authorities have decided to spend over $10 billion to fight with COVID-19. Besides, the government has launched a program to support manufacturers. The program includes equalizing tax implications and concessional lending. The first to take advantage of the program are the transport and tourism companies. In addition, the People’s Bank of China pumped about $79 billion to support Chinese banks.
In the UK, HM Treasury is planning to allocate $38.8 billion to support the economy. The government has also decided to reduce taxes and offer credits on favorable terms.
Italy will spend as much as 25 billion euros on the cure of coronavirus effects.
The authorities of the UAE will provide local banks with $816,800 as a credit guaranteed by the government. Besides, another $1.4 billion will be spent on subsidies to pay for water and electricity for citizens and industries.