The Senate is working on a deal that will send $1,200 checks to each U.S. adult as part of a stimulus plan to bolster the U.S economy in the wake of the COVID-19 pandemic, two sources familiar with the negotiations told FOX Business. Children will receive $500.
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The $1,200 payments start to taper in size at a threshold of $75,000 a year, and people making more than $99,000 will get nothing.
The U.S. is still looking into making two payments, and negotiations are ongoing.
Earlier on Thursday, Treasury Secretary Steven Mnuchin told FOX Business’ Maria Bartiromo that the White House was hoping to send most Americans a $1,000 check within the next three weeks.
COVID-19 has infected 10,755 people in the U.S. and killed 154, according to the latest numbers provided by Johns Hopkins University & Medicine.
The pandemic has spurred “shelter in place” orders, social distancing between people, the cancellation of non-essential travel and the closure of many restaurants and bars, paralyzing the economy.
Speaking on the Senate floor on Thursday, Majority Leader Mitch McConnell, R-Ky., said the third stimulus plan will do four things: Guarantee low-interest loans for small businesses, give cash payments to most Americans, give loans to the industries hardest hit by the economic fallout from COVID-19 and provide funding for hospitals and medical centers.
President Trump signed a second coronavirus bill into law on Wednesday evening, providing paid sick leave, unemployment help and free testing. An earlier package provided $8.3 billion to give the health-care system money to deal with the influx of patients.
In addition, the Federal Reserve has slashed interest rates by a total of 150 basis points to near zero and launched a $700 billion asset purchase program, as well as taken additional action to ensure the financial markets are functioning correctly.
FOX Business' Hillary Vaughn contributed to this report.