President Trump has signed a second, mammoth financial relief package to help Americans weather the coronavirus crisis, as new data on the pandemic brings warnings for younger generations that, while their parents are still most at risk, they’re not “invincible.”
The phase-2 relief package approved Wednesday night will provide free testing to build a clearer picture of how much COVID-19 there really is in the U.S. It will also expand funding for food security programs and for paid sick, family and medical leave for workers at companies with 500 employees or fewer.
WATCH LIVE NOW: President Trump and Coronavirus Task Force members give updates from the White House – Watch in the player above.
Lawmakers and the White House are working on a phase-3 package that could see $1 trillion more spent in an unprecedented effort to save the American economy as it’s battered by closures and mounting orders at the state and local level for people to stay home.
The grim economic outlook aside, evidence continues to mount that drastic control measures can rein in the killer virus. China’s Hubei province, where the coronavirus emerged late last year, has claimed its first day without a single new domestic infection.
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McConnell set to unveil massive “phase 3” coronavirus stimulus bill as crisis deepens
Senate Majority Leader Mitch McConnell is set to unveil a massive spending package to respond to the economic fallout of the coronavirus outbreak as early as Thursday, the third phase of the legislative response to the pandemic that has killed thousands around the world and tanked financial markets.
While the details remain in flux, the “phase three” package is expected to cost upwards of $1 trillion, and include provisions to send direct cash payments to every American. In a memo laying out the administration’s request, the Treasury Department asked for two rounds of direct cash payments to taxpayers, worth $250 billion each. The first payment would be made April 6, and the second would come on May 18 if the crisis hasn’t abated.
Treasury Secretary Steven Mnuchin said in an interview with Fox Business Thursday morning that the administration would like to see $1,000 checks sent to every adult and $500 for every child, with up to $3,000 provided for a family of four. According to the Treasury memo, these payments would be “fixed and tiered based on income level and family size.”