Mnuchin offers timeline for $1,000 payments if stimulus passes

[WVBaker]

Treasury Secretary Steve Mnuchin said the Trump administration wants checks of $1,000 per person and $500 per child to go out within three weeks of Congress passing a stimulus package.

"As soon as Congress passes this, we will get this out in three weeks, and then six weeks later, if the president still has a national emergency, we'll deliver another $3,000."

Breaking down the administration's trillion-dollar proposal, Mnuchin said he also wanted $300 billion to go towards small businesses for “hiring people, keeping people on the payroll, and if they do, there will be loan forgiveness.”

Coronavirus: Trump cancels G-7 summit at Camp David; McConnell introduces stimulus package - live updates

A historic stimulus package includes direct payments of $1,200 to individuals and assistance to businesses to deal with the harm from coronavirus.

www.usatoday.com

Let's keep this informational and non-political.

 

[SteelerGal]

So everyone gets the $$$ regardless if they are getting unemployment or still working? I just wonder how

 

[Panina]

So everyone gets the $$$ regardless if they are getting unemployment or still working? I just wonder how

I just don’t see how they pick and choose who will get it. Things are changing by the moment, those who have jobs today might not tomorrow and unemployment is usually very low in comparison to income. Many will probably get it that can survive without It but that is probably the only way to make sure no one falls thru the cracks and everyone gets it that needs it.

 

[Talent312]

From Reuters --
"In February 2008, when the Great Recession was just taking hold, the Economic Stimulus Act provided payments averaging $600 per person, injecting more than $100 billion into the economy... Payments were directly deposited into bank accounts by the IRS for taxpayers who filed electronically, or came as paper checks to other taxpayers. Individuals who didn’t make enough to pay federal taxes had to file an IRS statement. Economists concluded that it was one of the most effective measures deployed to blunt the impact of the worst downturn since the 1930s."

 

[Brett]

I just don’t see how they pick and choose who will get it. Things are changing by the moment, those who have jobs today might not tomorrow and unemployment is usually very low in comparison to income. Many will probably get it that can survive without It but that is probably the only way to make sure no one falls thru the cracks and everyone gets it that needs it.

right, everyone that files a tax return

The Wall Street Journal today argued for more payments to businesses instead of individuals

 

[bbodb1]

I'm still trying to see how this is going to help the economy because most people will likely use this money to pay bills. And eventually, the money is going to have to be paid back.

Don't misunderstand, I am not against the idea of helping people in the short term, but I'm not seeing how this action is going to help the economy.

 

[TravelTime]

I just don’t see how they pick and choose who will get it. Things are changing by the moment, those who have jobs today might not tomorrow and unemployment is usually very low in comparison to income. Many will probably get it that can survive without It but that is probably the only way to make sure no one falls thru the cracks and everyone gets it that needs it.

I read that they will scale this based on income. But the problem with that is that income is changing rapidly. Last week, my income was a lot higher than this week. We probably will not qualify if they scale on income. That is okay with me but for many families, it will not be fair.

 

[TravelTime]

I'm still trying to see how this is going to help the economy because most people will likely use this money to pay bills. And eventually, the money is going to have to be paid back.

Don't misunderstand, I am not against the idea of helping people in the short term, but I'm not seeing how this action is going to help the economy.

I don't think the $1000 checks need to be paid back. I agree that it might be less effective now than in 2008 since there are not many places to spend the money except to pay bills and rent. It may not stimulate the economy as much if businesses are not open and people can't go out.

 

[rickandcindy23]

I don't really understand why they would do this. Seems that there are people who need and people do not need. They should distinguish between the two. We do not need that. My mother-in-law doesn't need that. My stepdad doesn't need that. Small businesses like my son has, they could use some help. Small business, especially restaurants, could sure use a boost.

 

[TravelTime]

right, everyone that files a tax return

The Wall Street Journal today argued for more payments to businesses instead of individuals

View attachment 18095

I do not think there is a lot of thoughtful action going on by the government right now. They are throwing darts with blindfolds on ("go big") and hoping to hit the bullseye. I think nothing will work to help the economy until business is open again.

 

[JanT]

I doubt we'll qualify based on the requirements last time but if we end up with some form of payment we've already agreed we are going to give it to people who truly need it, i.e., a couple of servers at a local restaurant here that always give us exceptional service and are going to be without jobs now for the foreseeable future.

 

[geekette]

I'm still trying to see how this is going to help the economy because most people will likely use this money to pay bills. And eventually, the money is going to have to be paid back.

Don't misunderstand, I am not against the idea of helping people in the short term, but I'm not seeing how this action is going to help the economy.

it's not so much about the economy, it's about trying to keep people solvent. Folks that don't need the money will put it back into the economy or donate to help others less fortunate. If we can save the people, we can rebuild business.

 

[DavidnRobin]

I don't think the $1000 checks need to be paid back. I agree that it might be less effective now than in 2008 since there are not many places to spend the money except to pay bills and rent. It may not stimulate the economy as much if businesses are not open and people can't go out.

Paid back - meaning added to our ever-increasing deficit that has already skyrocketed over the last few years following the extreme decrease in tax revenue to corporations (and wealthy individuals). This had the impact of creating a robust Equity market (increase) that has now vanished. Now... very little room left for economic protection adjustments with Fed rate of almost zero.

One good aspect of having near zero interest rates is the debt on the distribution of money doesn’t cost much - but can be inflation inducing which can cause the USD to have less value overall. Which in turn can negate the money given out.

Fun times ahead.


Sent from my iPhone using Tapatalk

 

[geekette]

I don't really understand why they would do this. Seems that there are people who need and people do not need. They should distinguish between the two. We do not need that. My mother-in-law doesn't need that. My stepdad doesn't need that. Small businesses like my son has, they could use some help. Small business, especially restaurants, could sure use a boost.

Then spend it in small business or to help a family in need. There will be loss of life, including breadwinners. I am not sure that a deceased breadwinner would have their 1000 delivered to the family left behind.

 

[Brett]

Paid back - meaning added to our ever-increasing deficit that has already skyrocketed over the last few years following the extreme decrease in tax revenue to corporations (and wealthy individuals). This had the impact of creating a robust Equity market (increase) that has now vanished. Now... very little room left for economic protection adjustments with Fed rate of almost zero.

One good aspect of having near zero interest rates is the debt on the distribution of money doesn’t cost much - but can be inflation inducing which can cause the USD to have less value overall. Which in turn can negate the money given out.

Fun times ahead.


Sent from my iPhone using Tapatalk

in January the WSJ had an article about the ballooning federal deficit due to the huge tax cuts
and with the expected trillion $$ "relief package" -- fun times indeed

 

[pedro47]

Keep the money and just purchase needed medical supplies and pay our health care workers, truckers, grocery’s employees for helping the average American citizens. IMO.

 

[Panina]

Keep the money and just purchase needed medical supplies and pay our health care workers, truckers, grocery’s employees for helping the average American citizens. IMO.

There are many that live pay check to pay check. For those that get laid off, unemployment will not pay their expenses. This money will feed many families. For some families with children it might be enough to just get by, for the month given, for others it will not be.

After hearing the criteria for getting the payment, there will be many who do not need this money but it would take too long to weed it out and defeat part of the purpose this money is being given.

For those of us that get it that do not need it we have lots of options, donate to all you mentioned, donate to a food bank, help a family we know in need, donate it to a hospital, donate to your favorite organization, etc.

 

[T-Dot-Traveller]

There are many that live pay check to pay check.....
For those of us that get it that do not need it we have lots of options,......

The whole idea is to keep the get the money circulating very quickly - so that the economic wheel
keeps turning .

If a month ago : you gave 100 kids in a school yard $10 each on Friday - I guarantee that a very high percentage
of it would be in circulation by Monday .

That is the concept -

 

[Roger830]

We don't need more money that we can't spend with all of the closings.

Send my something that we can use, like toilet paper.

 

[WVBaker]

We don't need more money that we can't spend with all of the closing.

Send my something that we can use, like toilet paper.

Tell you what. Cash the check, send it to me and for $1,000.00 I'll send you a couple rolls. Deal?

 

[Roger830]

Tell you what. Cash the check, send it to me and for $1,000.00 I'll send you a couple rolls. Deal?

I saw where someone was selling them for $10 per roll, I'm ok with 100 rolls delivered.

 

[WVBaker]

What's this look like, let's make a deal? Mine's 2ply and a hot commodity now.

 

[Roger830]

My wife won't go along with it, she said that we can use leaves.

It's too bad that we have mostly oak leaves that break apart this time of the year.

 

[WinniWoman]

If we do get a check ( which is our money anyway) we are giving it to my son who is losing income now that he can’t work his part time job.

There is always someone you can help.

 

[TravelTime]

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