WASHINGTON (AP) – The Treasury Department said Wednesday it wants to start issuing direct payments to Americans by early April as the centerpiece of a $1 trillion plan to stabilize the economy amid the coronavirus epidemic.
In a memorandum, the Treasury proposed two $250 billion cash infusions to individuals: A first set of checks issued starting April 6, with a second wave starting by May 18. The amounts would depend on income and family size.
The Treasury plan, which requires approval by Congress, also recommends $50 billion to stabilize the airlines, $150 billion to issue loan guarantees to other struggling sectors, and $300 billion to for small businesses. The plan appears to anticipate that some of the loans would not be repaid.
The details are for the third coronavirus response bill that lawmakers hope to pass next week. Direct identical payments would go to U.S. citizens only, and would be “tiered based on income level and family size.”