Senate working to send $1,200 to most Americans: Sources

Children would receive $500

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.

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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.

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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.