(FinancialHealth.net) – The coronavirus is spreading quickly across the US and causing the economy to tank. Businesses are closing, and people are isolating themselves in their homes to help control the virus. As a response, federal lawmakers are finding ways to help the American people. Senator Tom Cotton (R-AK) proposed an interesting idea, and President Donald Trump’s administration is taking it seriously.
On Monday, Cotton said the government should send low-income and middle-class people monthly checks to help them weather the COVID-19 crisis.
The House bill sets up a complicated relief system that relies on paid sick leave & refundable tax credits.
That won’t move quickly enough & puts undue pressure on businesses to lay off workers.
We don’t want to see layoffs—we need cash in the hands of affected families. pic.twitter.com/64hNtYhfJO
— Tom Cotton (@SenTomCotton) March 16, 2020
Treasury Secretary Steven Mnuchin told Fox Business the administration may send every American checks.
The plan is to send $1,000 to each adult and $500 for each child. Mnuchin said a family of four would receive $3,000. The secretary said the money would go out in three weeks if Congress approves it.
The American people could definitely use the help. Sending money directly to citizens may seem extreme, but it’s a quick way to offer aid immediately. The stock market is suffering. Workers across the country are losing income as businesses close. Anything the government can do to mitigate the damage is welcome.
~Here’s to Your Financial Health!
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