The bill would extend $1,200 to most American adults and $500 for most children, create a $500 billion lending program for businesses, cities and states, and a $367 billion employee retention fund for small businesses.
The urgently needed pandemic response measure is the largest economic rescue measure in history and is intended as a weeks- or months-long patch for an economy spiraling into recession and a nation facing a potentially ghastly toll.
Ravaged in recent days, the stock market climbed significantly Tuesday morning as negotiators signaled a resolution was in sight. The Dow Jones industrial average was up nearly 9% at noon.
Top congressional and White House officials emerged from grueling negotiations at the Capitol over the $2 trillion coronavirus rescue package saying they expected to reach a deal Tuesday.
The Federal Reserve did what it could to help financial markets and the economy Monday. But investors are still waiting for Congress and the White House to do the same.
The central bank’s all-out effort has now gone beyond even the extraordinary drive it made to rescue the economy from the 2008 financial crisis. Financial markets sharply reversed themselves after the announcement.
Top-level negotiations between Congress and the White House churned into the night Sunday over a now nearly $2 trillion economic rescue package. The draft aid bill was declared insufficient by Democrats, who argued it was tilted toward corporations.
The delay, announced Friday morning, is available to people who owe $1 million or less and corporations that owe $10 million or less.
The centerpiece of the Senate GOP plan would be hundreds of billions of dollars sent to Americans in the form of checks as a way to flood the country with money in an effort to blunt the dramatic pullback of spending.
Details on President Trump’s economic rescue plan are still being worked out, but its centerpiece is to dedicate $500 billion to direct payments to Americans, starting early next month.
Details on the president’s economic rescue plan remain sparse, but its centerpiece is to dedicate $500 billion to start issuing direct payments to Americans by early next month. It would also funnel cash to businesses to help keep workers on payroll.
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.
As Congress works on a rescue package to help shore up a U.S. economy hard hit by the pandemic, businesses from the solar power industry to casinos and hotels, along with doctors, nurses and educators are urging lawmakers to give them a share of the pie.
President Donald Trump asked Congress to speed emergency checks to Americans, enlisted the military for MASH-like hospitals and implored people to stay home to stop the spread of the coronavirus. His proposed economic package could approach $1 trillion.
Taxpayers will still have to file their tax returns by the April 15 deadline. But they won’t have to pay their tax bill for 90 additional days. During that time, individuals and corporations will not be subject to interest or penalty payments.
With an urgency unseen since the Great Recession, Congress is rushing to develop a sweeping economic lifeline for American households and businesses suddenly capsized by the coronavirus outbreak.
Two weeks ago, Italy had 1,700 cases of coronavirus and had reported 34 deaths. Now, Italy is reporting an estimated 25,000 cases and more than 1,800 deaths.
Trump also told reporters at a White House briefing that he had his temperature taken before stepping into the room and it was “totally normal.”
Agreement calls for spending tens of billions of dollars on sick leave, unemployment insurance, food stamps and other measures to address the unfolding COVID-19 crisis.
Investors have been clamoring for strong action from the U.S. government to combat the economic impact of the virus outbreak.
