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/
Walleye
(31,028 posts)MineralMan
(146,317 posts)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)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)After all, we're "old and in the way" and using resources better allocated to the young and healthy.
Walleye
(31,028 posts)When I needed to borrow money, interest rates were 16%. Now that I have a little to invest, zero interest.
Kaiserguy
(740 posts)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
yaesu
(8,020 posts)Walleye
(31,028 posts)Can pay off the medical bills that Medicare didnt cover. Cool
EndlessWire
(6,537 posts)jimfields33
(15,832 posts)Who is left out? I swear. Im 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 dont have a name or its 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.
intrepidity
(7,307 posts)Be nice if there was clarification
jimfields33
(15,832 posts)Tell me now so I dont get excited and think wow. Finally I can get that new window that needs replaced badly in the house. Or whatever reasons everyone has.
Yo_Mama_Been_Loggin
(108,036 posts)How many is many?
SKKY
(11,813 posts)...the last number I heard was everyone below 85K a year. To be honest, it makes sense.
ffr
(22,671 posts)What a positively asinine idea!
fleur-de-lisa
(14,627 posts)These assholes will stick it to us any way they can.
KPN
(15,646 posts)of restoring the wealth that was hijacked away from average Americans over the past 40+ years by the .1% .
EndlessWire
(6,537 posts)CaptYossarian
(6,448 posts)Thanks Donald.
C_U_L8R
(45,003 posts)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)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)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)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.
Dopers_Greed
(2,640 posts)turbinetree
(24,703 posts)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..............
safeinOhio
(32,690 posts)This will save the casino industry.
Walleye
(31,028 posts)safeinOhio
(32,690 posts)you are right.
duforsure
(11,885 posts)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.
rockfordfile
(8,704 posts)cstanleytech
(26,299 posts)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)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)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. Its our money, paid through taxes.
And lets 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 nations physical, spiritual and economic health.
TheFourthMind
(343 posts)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)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)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)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...