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Americans could see some financial help from the government in the next few weeks.
Treasury Secretary Steven Mnuchin, speaking Tuesday at a White House coronavirus update, said the Trump administration wants to get emergency funds to citizens as soon as possible.
“Americans need cash now,” said Mnuchin. “I mean now—in the next two weeks.”
The details of the payout are still being worked out. Mnuchin said the administration is currently discussing details with senators. PBS reported the White House is pushing for $1,000 per person.
The news of payouts comes as stocks continue to fluctuate wildly. The Dow Jones Industrial Average surged on news of the possible payouts.
Health and government officials have urged consumers to stay home, and avoid gathering in groups of more than 10. That advice could slow the spread of the virus, but it’s devastating for businesses, many of which have had to close temporarily or lay off workers.
The payout could help those people (and members of the gig economy) for whom cashflow is fast becoming an issue.
To date, there are 3,536 confirmed cases of COVID-19 coronavirus in the United States, according to the World Health Organization.
More must-read stories from Coins2Day:
—How to prepare your personal finances for a coronavirus recession
—Why the world’s stock markets kept going quiet last week
—The Fed made a bold move to calm shaky markets. But is it enough?
—Why return CEOs are usually bad news for a company’s stock
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