Coronavirus aid bill includes $3,000 for families, $4 trillion liquidity for Fed: Mnuchin

[Yo_Mama_Been_Loggin]

WASHINGTON (Reuters) - The coronavirus economic relief bill being finalized by the U.S. Congress will include a one-time $3,000 payment for families and allow the Federal Reserve to leverage up to $4 trillion of liquidity to support the nation's economy, U.S. Treasury Secretary Steven Mnuchin said on Sunday.

Mnuchin, speaking on the "Fox News Sunday" television program, said the additional liquidity measures would allow the U.S. central bank to help a broad base of businesses to get through next 90 to 120 days.

Trump administration officials hoped to finalize the legislation on Sunday and see a vote on Monday, Mnuchin said, adding that further steps could be taken if the crisis did not abate in 10 to 12 weeks.

Mnuchin said the U.S. economy would clearly take a hit from the health crisis, but should rebound once the new coronavirus has been contained.

https://news.yahoo.com/virus-aid-bill-includes-3-133834098.html

[mr_lebowski]

1. Define 'family'? Do I, as a single man who has a mortgage on a home ...

Count as a 'family', or do I not count cause I don't have a spouse?

Is it 'up to $3000' but that's if you have a spouse and 8+ kids, and $300 if you are single?

Just wonderin'

[durablend]

4. It's probably

$1,000 for a single person.

Is anyone saying *how* this is being accounted? Is it against any refund you'd get for 2020, a grant that you'll have to pay taxes on or something else?

[oldtime dfl_er]

2. so

Less than 500 billion for families, and 3.5 trillion for businesses. I don't know what qualifies as a family, but if there are 327 million individuals in the US, and 24% are under 18, we go down to 248 million adults. If half of those are in family units, we're down to 124 million. So $3000 per family, times 124 million family units we get to $372 billion. I'll bet you dollars to donuts that my small one person business won't qualify for any of the 3.5 trillion. So I get a couple months' rent, while Boeing, United Airlines, Mar A Lago and Microsoft get the trillions.

How's my math?

[Hoyt]

6. The $3.5T are loans.

[mr_lebowski]

11. And what happens if they go under anyways and leave us holding the bag ...

And at the same time, executives give themselves multi-million bonuses with the money?

Do you support throwing them in jail if they do this, and making them pay massive restitution from their personal fortunes?

[Hoyt]

13. Well, if they go under, anyone who works from them is screwed. Second, even the Racist-in-Chief has

said he supports stimulus legislation that does not allow stock buybacks or bonuses for CEOs. I trust Democrats to ensure that.

[mr_lebowski]

17. Yes of course the employees would be screwed. And so would the taxpayers who won't be paid back ...

The Racist-In-Chief is not the Repuke Senate.

What I think happens:

Democrats in the Senate will TRY to put in these rules. Pukes will overrule and Dems will end up going along, and there will then be a 'Senate Bill'.

IQ45 will then immediately switch tacks and begin hounding the Dem-Led House saying they need to go along for the good of the country and stop 'politicizing' the stimulus by passing the Senate Bill.

Democrats will end up blamed for digging in, and eventually they'll cave in order to do what's 'best for the country'.

I guess we'll see.

[Hoyt]

19. I understand where you are coming from, but I don't think Dems will cave on that, or will even have

to threaten not voting for the package if it allows stock buybacks or bonuses. Too many people are against buybacks and bonuses in this situation.

[oldtime dfl_er]

15. They wont get paid back

Businesses have ways of not paying these things.

[Hoyt]

16. Fine. Call up your Democratic congresspeople and tell them to go on TV and oppose any stimulus.

[oldtime dfl_er]

21. This is not helpful

No need to lash out at me. I'm merely stating that the idea of $3000 for me, and $300,000,000 for Microsoft is ludicrous. I'm probably one of the poorest people on this board. I am self employed, over 60 and have no IRA or 401K. It's easy to be dazzled by the idea of a check for $3000, but I'm trying to maintain perspective. When resources are limited, people must come before corporations.

[Hoyt]

23. First off, I don't think it is $300 Million for Microsoft. However, they do employ over 150,000

workers directly, and thousands more indirectly. Keeping them in business and employing most, if not all, those workers is a big deal. It's really not a people vs. corporations matter as long as there are restrictions on the stimulus like no stock buybacks, no CEO bonuses, etc.

Not trying to lash out at anyone. But, fact is, we are hearing a stimulus package that no one would have even considered possible, even if drawn up by solely by Democrats, a month or two ago. I'm hearing the ass trump saying things like if this plan doesn't work, we'll have to do more.

I really believe -- with a lot of pushing from Democrats -- that we will get stimulus that will help this situation, and it will be a lot more than we could have imagined before.

Also, it's not just this bill. For example, federal regulators will allow people impacted by the virus to put off paying mortgages for 12 months. My red state insurance commissioner has told health insurers they cannot cancel policies for non-payment of premiums until further notice. And, there will be a lot more.

When I used to think what if something awful happens, I'd say to myself "If it gets that bad, we are all in this boat and there will be no choice but to bail us out at much as possible." We are in that situation, and I believe it now.

I do understand the concern. I'm self-employed too.

[D_Master81]

3. I remember in 2009

When the GOP thought a government stimulus was bad and could barely be moved to approve 750 billion or whatever it ended up being. We’re going north of 4 trillion on this stimulus? Clearly trying to get through to the election IMO. Eventually all this Monopoly money the fed has pumped in and zero interest rates has to catch up with us.

[Hoyt]

8. I won't be calling on Democratic congresspeople to say "No" to the stimulus, or asking Biden

to go on TV and oppose stimulus. I might consider asking them to expand it.

[LuvNewcastle]

20. Voting against the stimulus wouldn't be a good look.

Now that I think about it, Rand Paul is probably putting himself into quarantine so he won't have to vote against it. I hope they include a raise for people on Social Security. They were talking about giving a $200 a month raise to Social Security recipients. What's $3000 for families going to do for single people?

[CrispyQ]

5. What does one TRILLION dollars look like?

It's time to post this link again.

What does one TRILLION dollars look like?

https://www.pagetutor.com/trillion/index.html -

[oldtime dfl_er]

14. Good stuff

thanks for sharing.

[mvd]

7. Needs to be more to help actual people

The check idea is good though I like our side’s Social Security increase idea because it is lasting. One time seems too low.

We need a lot of money for equipment, hospitals and unemployment insurance along with the stoppage of foreclosures and increased food assistance.

[JCMach1]

9. Should be 3k per month for 90 days

[mvd]

18. Agreed!

[Windy City Charlie]

10. If they keep dragging their feet

If they keep dragging their feet and down nail down a plan, it's going to become too late for some people.

[aikoaiko]

12. Do we know if we have to pay it back with 2020 taxes?

Much like we had to do with the $300 Bush stimulus payout?

[Bettie]

22. Is this still the first bill

that the house put forth (was it last week, time is losing all meaning)? Or is this the second one they were talking about?