Covid-19 Impact: US Discussing Huge Stimulus Package

17 March 2020


Washington:  US Treasury Secretary Steve Mnuchin on Tuesday said that the Trump administration is working on a big economic stimulus package, reported to be worth some $850 bn.

Under the plans, Americans will be allowed to defer up to $300bn worth of taxes. It also includes payments to small businesses and loan guarantees, the BBC reported.

Mnuchin also said that the administration is "looking at sending cheques to Americans immediately".

"Americans need cash now and the president wants to get cash now. And I mean now, in the next two weeks."

Mnuchin did not disclose how much would be distributed but said he was discussing with Republican lawmakers.

President Donald Trump said there would be four or five ways to get Americans payments immediately.

"We are going big... We don't want people losing their jobs to not have money to live," he said.