Senate Majority Leader Mitch McConnell introduced a trillion dollar stimulus package, proposing cash payments to many Americans and billions for small and large businesses.
Business component: $50 billion in loan guarantees for passenger air carriers; $8 billion for cargo air carriers; $150 billion for other large businesses; $300 billion for small businesses.
Individual payments: The plan includes direct payments of $1,200 to individual Americans making less than $75,000 annually, and $2,400 for eligible married couples making less than $150,000 combined, with an additional $500 for every child, WSJ noted.
What comes next: Negotiations between McConnell, Senate Minority Leader Chuck Schumer, and Treasury Secretary Steven Mnuchin. The Republicans’ proposal will obviously change as they work to build support in both chambers.
Unemployment we face: Goldman Sachs predicts that the next jobless claims report covering this week alone (March 15 -21) will show initial claims of 2.25 million Americans, the largest increase and the highest weekly level on record.