Treasury Secretary Mnuchin is said to be seeking aid for
airlines and small businesses as well as a possible payroll tax cut.
Treasury Secretary Steven Mnuchin is seeking a
coronavirus-related economic stimulus package worth more than $850 billion and
plans to take the measure to Senate Republicans on Tuesday, according to news
reports.
Mnuchin told House Republicans on a conference
call Monday that the market needs more liquidity, according to Bloomberg. After
the call, Mnuchin met with Senate Majority Leader Mitch McConnell, Bloomberg
reported.
Mnuchin is also weighing ideas to help small
businesses, including postponing the due date for quarterly tax payments, and
options for fast cash loans, Bloomberg reported.
The Trump administration’s stimulus plan will
include roughly $50 billion for the airline industry, The Wall Street Journal reported,
as well as billions of dollars in general stimulus that could include a payroll
tax cut.
“The proposal is still in its early stages and
is awaiting final signoff from President Trump,” an administration official
told the Journal.
The House on Monday passed technical
corrections to its coronavirus bill, H.R. 6201, the Families First Coronavirus
Response Act.
Reports indicate that Mnuchin has reached
agreement with senators to vote on the Families First Coronavirus Response Act
later this week, Raymond James policy analyst Ed Mills said in his Tuesday
morning briefing.
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