March 18, 2020 1:09pm
White House proposes $1 trillion stimulus response to the COVID-19 pandemic
The White House today released the framework of a $1 trillion stimulus package in response to the COVID-19 pandemic. This plan, which addresses the economic impact of the pandemic, follows an $8.3 billion stimulus package from earlier in the month and comes as Congress continues to debate the Families First Coronavirus Response Act.
The framework has four major sections.
Section 1 includes $200 billion in loans to severely distressed industries, including the airline industry.
Section 2 includes steps to stabilize the U.S. money market mutual fund industry.
Section 3 includes half a trillion dollars in direct “economic impact” payments to individual taxpayers to be paid out in two installments. Payment sizes would be based on income and family sizes.
Section 4 includes $300 billion loans for small businesses through the creation of a “small business interruption loan program.”
Read the full framework proposal here.
GLI will continue monitoring this proposal if and when it proceeds forward in Congress.