The Trump Administration is currently preparing a large economic stimulus package, both due to current economic uncertainty and the financial consequences of the coronavirus.
While there are a number of possibilities being discussed, the bulk of this comes in the form of the bipartisan Families First Coronavirus Response Act. This is an $8.3 billion bill targeted towards stimulating the economy through American families.
Payroll Tax Cuts
First: One thing that did not make the Families First Coronavirus Response Act was a payroll tax holiday, which the Trump Administration has been working towards. A payroll tax holiday would alleviate some of the strain for business owners, especially small business owners who may need to stall their operations while waiting for the coronavirus quarantines to pass.
Free Coronavirus Testing
Previously, coronavirus testing cost up to $7,000, which was an extreme impediment to getting tested at all. Due to this stimulus package, coronavirus testing will be free. The administration has stated that there will soon be a website available that will direct Americans to the best testing sites for them, many of which will be in easily accessible parking lots.
Paid Leave for Those Affected by the Virus
With the understanding that many Americans will need to take off from work due to coronavirus quarantine, the stimulus package offers two weeks of paid leave for those who are affected by the virus or who have family affected by the virus. This absorbs some of the burden from companies and their employees, and increases the likelihood people will stay home.
Strengthening Food Security
Many have worried that children won’t get the food they need if school is canceled, and that many people rely upon outside, social sources for their food. The economic stimulus will expand the availability of SNAP and food benefits to ensure that everyone gets the food they need during a period when even grocery stores may not be guaranteed to be in stock.
Treasury officials have discussed delaying the April 15th tax deadline to alleviate some issues for taxpaying individuals and business owners. The treasury department can make these changes on their own, and have considered it, given that many may be out of work in the month leading up to April 15th. An extension may not help all taxpayers, including taxpayers who get refunds regularly, or who pay their taxes as they go. But it would help taxpayers who are looking at a large tax bill during a time of widespread economic strife.
Both President Trump and Speaker Nancy Pelosi have been working together to create this stimulus package. As a bipartisan effort, not everything that either side wanted has gone through, but it’s hoped that this economic stimulus package can be passed and implemented to reduce the overall effects of coronavirus on the US economy.