Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

mahatmakanejeeves

(57,513 posts)
Wed Mar 18, 2020, 11:26 AM Mar 2020

White House coronavirus plan aims to send $2,000 to many Americans, includes $300 billion for small

Source: Washington Post

Economy

White House coronavirus plan aims to send $2,000 to many Americans, includes $300 billion for small businesses

Talks remain fluid, but discussions with Congress are intensifying as virus fallout worsens

By Erica Werner and Jeff Stein
March 18, 2020 at 10:39 a.m. EDT

White House officials are working with congressional Republicans on an emergency stimulus package that could send two $1,000 checks to many Americans and also devote $300 billion towards helping small businesses avoid mass layoffs, according to two senior administration officials and a Treasury Department fact sheet.

No final decisions have been made and talks with Republican leaders remain fluid, but the growing scale of the $1 trillion rescue plan is coming into sharper focus. The Treasury Department is circulating a two-page sheet of priorities that it wants to see in the final deal. As part of it, the White House seeks to create a $50 billion “airline industry secured lending facility” that would allow it to make direct loans to “U.S. passenger and cargo air carriers.”

Treasury would determine the interest rates and other terms of any loans, but they would include limits “on increases in executive compensation until repayment of the loans.”

{snip}

Erica Werner
Erica Werner has worked at The Washington Post since 2017, covering Congress with a focus on economic policy. Previously, she worked at the Associated Press for more than 17 years. Follow https://twitter.com/ericawerner

Jeff Stein
Jeff Stein is the White House economics reporter for The Washington Post. He was a crime reporter for the Syracuse Post-Standard and, in 2014, founded the local news nonprofit the Ithaca Voice in Upstate New York. He was also a reporter for Vox. Follow https://twitter.com/jstein_wapo

Read more: https://www.washingtonpost.com/business/2020/03/18/trump-coronavirus-economic-plan/

39 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
White House coronavirus plan aims to send $2,000 to many Americans, includes $300 billion for small (Original Post) mahatmakanejeeves Mar 2020 OP
I'm guessing that those of us on Social Security will get doodley squat Walleye Mar 2020 #1
I'll bet you're wrong. MineralMan Mar 2020 #2
I think it will depend on how they set it up. I think the payments would have two purposes. totodeinhere Mar 2020 #35
By Jove, sir, I believe you're right! Glorfindel Mar 2020 #4
Yeah stick it too the boomers, we're used to it. Walleye Mar 2020 #17
Remember one thing Kaiserguy Mar 2020 #34
Those on SS will get it along with those who get a check from a Federal program nt yaesu Mar 2020 #14
That would be great. I filed a 1040. Walleye Mar 2020 #16
I agree. n/t EndlessWire Mar 2020 #29
Many?????? jimfields33 Mar 2020 #3
Yeah, that sure is a loaded word there, huh? intrepidity Mar 2020 #8
It would be nice. Even if I and others are excluded, jimfields33 Mar 2020 #11
That was my thought Yo_Mama_Been_Loggin Mar 2020 #36
From what I've heard, there will be an income cap... SKKY Mar 2020 #28
So we're going to pay ourselves $2K ea. in a loan we have to pay back with interest? ffr Mar 2020 #5
That's my question too. fleur-de-lisa Mar 2020 #20
I say just reverse the tRump tax cuts to pay for it. Even that would be minutae in terms KPN Mar 2020 #27
Wait, wut? EndlessWire Mar 2020 #30
Then we can split our $ evenly with the Democratic Party. CaptYossarian Mar 2020 #6
And how will this save lives? C_U_L8R Mar 2020 #7
The pandemic is not only a health crisis. It's an economic one too. mathematic Mar 2020 #15
I get it C_U_L8R Mar 2020 #18
I just don't know what this would accomplish bucolic_frolic Mar 2020 #9
Our rent will probably just get raised by $2k Dopers_Greed Mar 2020 #10
This is not enough.......................... turbinetree Mar 2020 #12
2 $1K checks for every American. safeinOhio Mar 2020 #13
Gamblers must be suffering with no sports to bet on Walleye Mar 2020 #19
I'd bet safeinOhio Mar 2020 #21
😁 Walleye Mar 2020 #22
That's woefully inadequate, duforsure Mar 2020 #23
Trump thinks he can buy off voters. That's how bad he screwed up rockfordfile Mar 2020 #24
Needs to be raised to 5000 for every adult that has an income of below 70000 a year especially if cstanleytech Mar 2020 #25
I have a bad feeling about this. earthside Mar 2020 #26
The government is effectively taking away our ability to earn an income stopbush Mar 2020 #31
Definition of Bribe... TheFourthMind Mar 2020 #32
Precisely. The turd thinks he will be able to buy our votes so he can be re-elected. not_the_one Mar 2020 #38
Where did I hear (or read) where everyone who filed a tax return would get a check? Elwood P Dowd Mar 2020 #33
WHAT ABOUT THE DAMNED PAID SICK LEAVE THEY CUT FROM THE FIRST BILL? pecosbob Mar 2020 #37
That seems like a better idea than just giving a couple of checks to people. Luciferous Mar 2020 #39

MineralMan

(146,317 posts)
2. I'll bet you're wrong.
Wed Mar 18, 2020, 11:30 AM
Mar 2020

Many SS recipients also work, at least part-time. They are in the pool of workers. I think that anyone who files a 1040 will be a recipient of this money.

totodeinhere

(13,058 posts)
35. I think it will depend on how they set it up. I think the payments would have two purposes.
Wed Mar 18, 2020, 04:00 PM
Mar 2020

One purpose would be to replace lost income for the many people who may lose their jobs do to the upcoming recession or depression. If you are on Social Security and do not work then the recession should not affect your income so from that point of view you might not be eligible.

However, another purpose might be to put money in the economy so as to counter the economic effect of the economic downtown. So from that point of view Social Security recipients who don't work should be eligible since they are probably as likely as anyone else to spend the money if they get it.

I think we will have to wait on the details. I don't trust the White House to get this right but I do trust our Democratic leaders in Congress to look out for the average American including SS recipients, so I hope that the Dem leaders can be successful in holding out for a fair plan that benefits us rather than the billionaires.

Glorfindel

(9,730 posts)
4. By Jove, sir, I believe you're right!
Wed Mar 18, 2020, 11:31 AM
Mar 2020

After all, we're "old and in the way" and using resources better allocated to the young and healthy.

Walleye

(31,028 posts)
17. Yeah stick it too the boomers, we're used to it.
Wed Mar 18, 2020, 11:53 AM
Mar 2020

When I needed to borrow money, interest rates were 16%. Now that I have a little to invest, zero interest.

Kaiserguy

(740 posts)
34. Remember one thing
Wed Mar 18, 2020, 03:49 PM
Mar 2020

us old people vote and sadly to many of my fellow old people vote Republican so keeping us happy will help Trump at least to some extent. If I get a check it going into the saving and I still be voting for our nominee. To Hell with the GOP

Walleye

(31,028 posts)
16. That would be great. I filed a 1040.
Wed Mar 18, 2020, 11:51 AM
Mar 2020

Can pay off the medical bills that Medicare didn’t cover. Cool

jimfields33

(15,832 posts)
3. Many??????
Wed Mar 18, 2020, 11:30 AM
Mar 2020

Who is left out? I swear. I’m retired military and have a business of around 9 grand a year. I do submit a tax form every year including schedule C for business. But I don’t have a name or it’s not incorporated so who knows if I will be included. I know a little self absorbed in this. I of course worry about others who may fall through the cracks.

jimfields33

(15,832 posts)
11. It would be nice. Even if I and others are excluded,
Wed Mar 18, 2020, 11:41 AM
Mar 2020

Tell me now so I don’t get excited and think wow. Finally I can get that new window that needs replaced badly in the house. Or whatever reasons everyone has.

SKKY

(11,813 posts)
28. From what I've heard, there will be an income cap...
Wed Mar 18, 2020, 02:01 PM
Mar 2020

...the last number I heard was everyone below 85K a year. To be honest, it makes sense.

ffr

(22,671 posts)
5. So we're going to pay ourselves $2K ea. in a loan we have to pay back with interest?
Wed Mar 18, 2020, 11:33 AM
Mar 2020

What a positively asinine idea!

KPN

(15,646 posts)
27. I say just reverse the tRump tax cuts to pay for it. Even that would be minutae in terms
Wed Mar 18, 2020, 12:43 PM
Mar 2020

of restoring the wealth that was hijacked away from average Americans over the past 40+ years by the .1% .

C_U_L8R

(45,003 posts)
7. And how will this save lives?
Wed Mar 18, 2020, 11:34 AM
Mar 2020

Sure we all appreciate cash... but I'd be more encouraged if they put their efforts toward testing everyone and ensuring our health services can meet the gigantic demand that is coming very shortly.

mathematic

(1,439 posts)
15. The pandemic is not only a health crisis. It's an economic one too.
Wed Mar 18, 2020, 11:49 AM
Mar 2020

We're basically shutting down the economy for weeks. That's a massive amount of lost prosperity. The government absolutely needs to address the economic impacts of the pandemic.

Shutting down the economy saves lives but leaves people and businesses ruined. Government economic policy is being used to mitigate that.

C_U_L8R

(45,003 posts)
18. I get it
Wed Mar 18, 2020, 11:54 AM
Mar 2020

Personally I put my health safety over my financial security. But also appreciate it's all very intertwined. I just wish the Trumps could stop lying to us about so many things - so we'd have a little bit of confidence. Even better, they should just get out of the way and let more capable people handle the job.

bucolic_frolic

(43,196 posts)
9. I just don't know what this would accomplish
Wed Mar 18, 2020, 11:37 AM
Mar 2020

You could do the same thing, faster, without fanfare, and distribute the pain farther and wider, by legislating mortgage and rent forgiveness of 50% for two months, 80% for those newly laid off or with reduced hours. This would force the pain onto those who can most afford to bear it - banks and landlords - and allow the reductions as a tax deduction. Could be extended as needed.

Throwing cash at this problem with food stores half empty will generate nothing but inflation and price gouging, which I'm seeing in spades already.


$1,000 checks sounds like the Price is Right, it's politicians trying to be popular.

turbinetree

(24,703 posts)
12. This is not enough..........................
Wed Mar 18, 2020, 11:42 AM
Mar 2020

what about mortgage, renters, student debt, car and credit payments, etc........and what about filing taxes.....................are they going to move the date....................this $2,000.00 will it be added to earned income when you file next year..............

duforsure

(11,885 posts)
23. That's woefully inadequate,
Wed Mar 18, 2020, 12:15 PM
Mar 2020

And will worsen the situation from it being way too low. trump's trying to screw us over with little while he pays off his donors again.

cstanleytech

(26,299 posts)
25. Needs to be raised to 5000 for every adult that has an income of below 70000 a year especially if
Wed Mar 18, 2020, 12:33 PM
Mar 2020

people are going to be out of work for 2 to 4 weeks due to business being ordered to close.
Also it should not be counted as income for next year's taxes not to mention no assistance programs either state or federal should be allowed to classify it as income.

earthside

(6,960 posts)
26. I have a bad feeling about this.
Wed Mar 18, 2020, 12:43 PM
Mar 2020

Obviously folks are going to need relief.

But the politicians in Washington seem to be acting in haste with such a large package right off the bat.

I would still rather see greater assistance funneled through unemployment compensation, Medicaid, food stamps, SBA grants, etc.

This bidding war for personal check size between Democrats and Trump is absolutely sending the message of PANIC.

Cobbling together a trillion-dollar-plus 'economic stimulus' package and passing it by the end of the week tells me that we are in for a depression no matter what federal government does.

stopbush

(24,396 posts)
31. The government is effectively taking away our ability to earn an income
Wed Mar 18, 2020, 03:07 PM
Mar 2020

by closing down everything, so they damn well better cough up significant funds to provide us with a meaningful amount of $ to get through this, no matter how long it takes, no matter how expensive it is.

We should refuse to grovel, hat in hands, for some bullshit $1000 from the gov. It’s our money, paid through taxes.

And let’s not ever forget that the fucking Asshole-in-chief brought this ECONOMIC CRISIS on us, by ignoring a problem that he knew was coming as early as last DECEMBER. Our government should have been preparing for this in every way possible, but that was NEVER going to happen with that fucking narcissist in charge. The HUGE addition to the national debt that will ensue - trillions and trillions of dollars -NEEDS TO HAPPEN, if for no other reason than to provide incontestable, concrete proof of what it COSTS a nation to put total incompetents in charge of our nation’s physical, spiritual and economic health.

TheFourthMind

(343 posts)
32. Definition of Bribe...
Wed Mar 18, 2020, 03:12 PM
Mar 2020

bribe
/brīb/
Learn to pronounce
verb
persuade (someone) to act in one's favor, typically illegally or dishonestly, by a gift of money or other inducement.
"an undercover agent bribed the judge into giving a lenient sentence"
Similar:
buy off
pay off
suborn
give an inducement to
corrupt
grease someone's palm
give someone a backhander
give someone a sweetener
keep someone sweet
get at
fix
square
nobble
noun
a sum of money or other inducement offered or given to bribe someone.
"lawmakers were caught accepting bribes to bring in legalized gambling"


Getting ready to experience some "art of the deal."

 

not_the_one

(2,227 posts)
38. Precisely. The turd thinks he will be able to buy our votes so he can be re-elected.
Wed Mar 18, 2020, 11:10 PM
Mar 2020

What may be received is pocket change, compared to what is needed to stay afloat for an extended period of time.

I think he is mistaken.

We just need to make sure that we are ALLOWED to vote in November.

Elwood P Dowd

(11,443 posts)
33. Where did I hear (or read) where everyone who filed a tax return would get a check?
Wed Mar 18, 2020, 03:42 PM
Mar 2020

What about those who didn't make enough money to file a return - unemployed, part-time workers, homeless, seniors surviving on Social Security only, etc.? You're talking about millions of people who need money the most.

pecosbob

(7,541 posts)
37. WHAT ABOUT THE DAMNED PAID SICK LEAVE THEY CUT FROM THE FIRST BILL?
Wed Mar 18, 2020, 04:59 PM
Mar 2020

If you are employed by a corporation with more than 500 employees, like me, you will not get any paid sick leave. The bill exempts corporations with more than 500 employees from paying sick leave to you or me if we get ill with coronavirus. Nobody's freaking listening...

Latest Discussions»Latest Breaking News»White House coronavirus p...