The Treasury Department has outlined a proposed stimulus package to further assist individuals and businesses. The package is planned to include:
Direct cash payments to every American
Relief for small businesses
Loans to businesses in “severely distressed” major industries, such as airlines
Resources to continue the fight against coronavirus
The amounts that have been outlined by the Treasury Department for the first payment are $1,000 for every adult and $500 for every child, with up to $3,000 for a family of four. According to the Treasury, payments would be "fixed and tiered based on income level and family size."
Yesterday, Senate Majority Leader Mitch McConnell released a draft of the economic stimulus bill providing direct payments of $1,200 per adult for many families, and $500 for every child in those families. Couples filing jointly would receive up to $2,400. The payment would diminish for those earning more than $75,000 and phase out completely for those earning more than $99,000. Families with no federal income tax liability, would see a smaller amount, with a minimum set at $600.