A bill is headed to President Trump‘s desk after Congress passed the measure to help American taxpayers to cope with economic impact of the coronavirus outbreak with proposals circulating for at least two payments in April and May.
Payment amounts would be fixed and tiered based on income level and family size, according to a Treasury Department letter.
In recent days, report said officials have proposed at least two checks of $1000 each, which could be delivered on April 6 and May 18.
Both the Senate and the House of Representatives have passed the bill, reflecting a bipartisan approach to dealing with the crisis that has plunged the stock markets and led to financial insecurity for many amid closures of small businesses.
According to The Washington Post, the emergency stimulus package would direct $300 billion towards aiding small businesses avert mass layoffs.
Treasury Secretary Steven Mnuchin fears that pandemic could spiral the unemployment rate to 20 percent. Dow Jones is back to where it was at the start of President Trump’s term in 2017 while J.P. Morgan Chase analysts see the economy shrinking by 14 percent between April and June in what is being seen as the worst slump since WWII.
Congress is also considering a rescue plan that could be $ one trillion in size to save the airline industry and rescue small businesses.
