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.