What Americans Will Receive Coronavirus Economic Relief Benefits? Treasury Secretary Lays Out 3 Groups Helped Most

Treasury Secretary Steve Mnuchin on Sunday laid out how Americans are likely set to receive more than $2 trillion in economic stimulus funds that the federal government hopes to disperse as a "bridge to get through" coronavirus shutdowns.

Mnuchin said the Trump administration is working with Republicans and Democrats in Congress to pass the $2 trillion economic relief package that particularly benefits U.S. workers and businesses in four major categories.

The first element he highlighted are small business retention loans intended to inject enough cash flow into local businesses, so they can keep their employees on for at least two weeks. A second massive wave of Americans will receive direct deposits, with an average family of four being given about $3,000. Mnuchin said a third benefit will enhance unemployment insurance for people laid off as a direct result of the coronavirus spread.

Mnuchin said he hopes to finalize talks with House Speaker Nancy Pelosi, Senate Minority Leader Chuck Schumer, and Republicans in both chambers by the end of Sunday. When asked on Fox News Sunday "how much debt can you take on to address this?", Mnuchin said the "U.S. economy is still strong" and laid out the fourth tactic, which is to work with the U.S. Federal Reserve to push up to $4 trillion of liquidity into the economy -- potentially up to 10 weeks.

Update: Pelosi told NBC News there is no deal on the coronavirus rescue package and House Democrats will be introducing their own legislation Sunday afternoon.

"I think we have a fundamental understanding ... the president is very determined to protect American workers, we've ordered a major part of the economy to shut down and the president wants to protect them."

The treasury secretary said small businesses will receive "two weeks of cash flow" and overhead assistance in the form of retention loans. If these business owners pay and retain their workers over that period, those loans will be forgiven, he noted. "That's about half of our workforce that will allow small businesses to keep people and to make sure when we open the economy they are up and running."

Mnuchin said direct deposit recipients should view the average of $3,000 per family of four as "a bridge to get through this quickly."

In 2008, the federal government issued a similar cash injection to Americans, giving between $300 and $600 to individuals, $1,200 for married couples and $300 per child. The Senate's most recent proposal in the wake of the 2020 coronavirus pandemic showed adults making less than $100,000 receiving up to a one-time $1,200 payment.

Mnuchin said that if after 10 weeks the country hasn't "won this war" against coronavirus, "then we'll go back to Congress again. But I think we're injecting a lot of liquidity into the system and hardworking Americans know the president wants to protect them and we're doing everything to support them."

steve mnuchin coronavirus economic stimulus
Treasury Secretary Steve Mnuchin on Sunday laid out how Americans are likely set to receive more than $2 trillion in economic stimulus funds that the federal government is dispersing as a "bridge to get through" coronavirus shutdowns. Screenshot: Fox News Sunday | Twitter
What Americans Will Receive Coronavirus Economic Relief Benefits? Treasury Secretary Lays Out 3 Groups Helped Most | U.S.