Gettyimages 1207526320 594x594
Gettyimages 1207526320 594x594
Photo Credit: Drew Angerer/Getty Images

Could the American Government Cut Checks to Combat Coronavirus?

Gettyimages 1207526320 594x594 Photo Credit: Drew Angerer/Getty Images

The U.S. Treasury is reportedly proposing an economic stimulus plan to Congress.

In the wake of the coronavirus pandemic, United States Treasury Secretary Steven Mnuchin is reportedly proposing a major economic stimulus plan. According to Bloomberg News, Mnuchin will send the bill to the Senate on Tuesday. House of Representative members won't return to Washington until sometime next week. Sources expect Donald Trump to sign the bill into law.

Mnuchin described the bill at a White House press conference on Tuesday. "Americans need cash now," he said. "The president wants to give cash now." The secretary claims he'll give further details about payments later in the day.'

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The bill will reportedly include about $400 billion worth of executive steps. If passed, the government would delay tax deadlines and provide relief for student loan interest payments. According to Trump's economic adviser Larry Kudlow, the proposal would also expand sick leave and offer financial support for testing.

Mnuchin is also considering concessions for small businesses: postponing the due date for quarterly tax payments and options for fast cash loans. In total, the payroll tax cut and small business loans will come out to a proposal worth $850 billion.

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"The president has instructed his team to look very expansively on what we need to do and not be impeded by the potential price tag of what's necessary here," White House legislative director Eric Ueland said Monday.