$1 Trillion Relief Package Could Mean $1,000 or More For You

ALTON - After passing a $100 billion coronavirus relief package on Wednesday, March 18th, that included free testing for COVID-19, paid emergency leave, bolstered unemployment insurance, increased spending on health insurance for the poor and added $1 billion in food aid, Congress turned its attention to an even larger relief effort.

By week’s end, Congress could pass another $1 trillion relief package that would further bolster relief for small businesses, add targeted relief for certain industries and send $500 billion in direct payments to Americans, with the exception of some who won’t qualify based on their higher income level.

The Treasury Department plan says the funds would be paid out in two equal amounts, first on April 6th and then again on May 18th. White House officials have proposed making each check $1,000, but those talks remain ongoing and the amount could grow. It works out to the equivalent of one week of pay for the typical American, according to the latest Labor Department data, which shows median weekly earnings of $936 for full-time workers.

This isn’t a new idea. The United States has done this twice before. During the Great Recession, the federal government sent almost every adult a $300 to $600 check (plus $300 per child). The same thing happened in 2001, when the majority of Americans received a $300 check. Many economists like this idea because it’s simple and relatively fast. Unlike other government aid — unemployment insurance, welfare or food stamps — people do not have to apply for the payments, and there are no restrictions on how to use the money.

If you have different ideas for the money, or you have an opinion on the trillion-dollar relief package please comment below.

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