On March 23, Secretary of the Treasury Steve Mnuchin elaborated the historic $2 trillion coronavirus relief bill at the White House daily press briefing.
- small business retention loans. This will cover roughly 50% of the private payroll in small businesses where we will immediately make loans that will supply eight weeks of salaries as long as they keep workers employed and overhead. Those loans will be forgiven at the end of the period as long as they keep workers employed.
- For companies that don’t qualify that we have an economic program of tax incentives to retain workers,
- we have enhanced unemployment insurance for people don’t fit into these two programs that will be administered through the states.
- We also have economic impact payments. These will be within the next three weeks direct payments into most people’s deposit accounts and for those that don’t have it we will be having the checks in the mail.
- We have $500 billion that we can use to work with the Federal Reserve for emergency programs
- the President mentioned $100 billion to hospitals and $150 billion to states that have specific Coronavirus expenses as well as many additional things.
After comprehensive consideration of motivations of legislation, a journalist couldn’t help asking President Trump, “Four Republican senators have indicated that the extra $ 600 for unemployment insurance may encourage workers to leave their jobs, even though you can only collect unemployment if you’re fired. I’m curious what you think of that concern. ”
Steve Mnuchin replied, “Most Americans, what they want, they want to keep their jobs. And I said for 50% of these businesses, they will have the businesses keep those jobs…The president and vice president wanted to make sure those hardworking Americans got money, and this was the most efficient way of doing it.”
Translation:【GM31】 Subtitle:【The moon and sixpence】