Despite everything going on, some good news may be coming to Americans soon. On Tuesday, Treasury Secretary Steve Mnuchin said that the Trump administration “plans to move immediately” to send money to Americans as the coronavirus cripples the economy and hurts small businesses. Sen. Mitt Romney said this week that he wants the government to send every adult $1,000.
If Congress approves this new plan, the money could roll out to Americans as early as April 6th, 2020. The Treasury Department is proposing sending two rounds of payments to taxpayers on April 6th and May 18th, NBC News reported on Wednesday. Both checks would be the same size. How much you receive would be determined by your income and the size of your family, according to the report.
“The ideal thing would be to target the payments [at] the people who are most vulnerable, the people who lose their jobs who are working in industries that are severely affected by the coronavirus,” Burman said. “It’s hard to set up something to do that right away.”
These paychecks are not based on your current financial need. “It’s going to be too much for some of them and not enough for others,” Burman said. “If you don’t need the money, you may want to consider donating to a charity that’s directly involved in relief efforts or to your local food bank. If you wanted to really make a difference in a bunch of families’ lives right now, and you absolutely didn’t need those dollars, I would really consider passing that along to an organization that does a lot of good for a lot of people,” Boudreaux suggested.
In the aftermath of Hurricane Katrina, Boudreaux saw firsthand how payments from organizations like the Federal Emergency Management Agency and the Red Cross helped prop up the local economy.
Do you think this plan will go through? What would you do with your check?
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