The White House is proposing a roughly $850 billion emergency economic rescue package for businesses and taxpayers amid the coronavirus crisis, a sweeping stimulus package unseen since the Great Recession.
Treasury Secretary Steven Mnuchin will outline the package to Senate Republicans at a private lunch today, with officials aiming to have Congress approve it this week. It will provide relief for small businesses and the airline industry and includes a massive tax cut for wage earners.
The White House hopes the measure will pass quickly, possibly this week. The action is an enormous political undertaking as the administration scrambles to contain the economic fallout of the severe disruptions to American life from the outbreak.
The rush to inject cash and resources into the economy is an effort unlike any since the 2008 economic crisis, with political and economic interventions and eye-popping sums to try to protect Americans from the health and financial fallout.
The proposed stimulus package is different from the Families First Coronavirus Response Act, which was passed by the House of Representatives on Friday and is currently under Senate review.
Read the full story about the stimulus from the Associated Press, and a breakdown of the Families First Coronavirus Response Act from Inc. here. Read more stories on how the coronavirus is impacting the Baton Rouge business community.