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Treasury Proposal: Deliver $500B to Americans Starting April

Associated Press

   WASHINGTON - The Treasury Department wants to start issuing direct
   payments to Americans by early next month as the centerpiece of a $1
   trillion plan to stabilize the economy as the coronavirus epidemic
   threatens a body slam to taxpayers and businesses.

   In a memorandum issued Wednesday, Treasury is calling for two $250
   billion cash infusions to individuals: A first set of checks issued
   starting April 6, with a second wave in mid-May. The amounts would
   depend on income and family size.

   The Treasury plan, which requires approval by Congress, also recommends
   $50 billion to stabilize the airlines, $150 billion to issue loan
   guarantees to other struggling sectors, and $300 billion to for small
   businesses. The plan appears to anticipate that many of the loans would
   not be repaid.

   The details are for the third coronavirus response bill that lawmakers
   hope to pass next week.

   It comes as the Senate turned Wednesday to a House-passed coronavirus
   response bill.

   The Treasury outline provides a basis for lawmakers to work from in an
   unprecedented government response and is likely to be broadened to
   include additional emergency funding for federal agencies.

   The price tag for the upcoming economic package alone promises to
   exceed Treasury's $1 trillion request, a rescue plan not seen since the
   Great Recession. Trump wants checks sent to the public within two weeks
   -- a huge logistical task -- and is urging Congress to pass the
   eye-popping stimulus package in a matter of days. A more realistic
   timeframe is next week.

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