Sweet Jesus! This morning US Treasury Secretary Steven Mnuchin was on Fox Business and said the US will lend up to $4 trillion to businesses affected by the coronavirus pandemic, issue $3k cheques to families, cover payroll for businesses and more.
Working with the Federal Reserve — we’ll have up to $4 trillion of liquidity that we can use to support the economy,”
US Treasury Secretary Steven Mnuchin
There are five main components coming:
- Small Business Retention Loans. Two weeks of payroll plus cash to cover some overhead. This loans will later be forgiven should companies follow the guidelines.
- Direct deposits. The average direct deposit for a family of four will be approximately $3,000.
- Enhanced Unemployment Insurance. For people who are laid off due to the coronavirus.
- $4 Trillion Dollars of Liquidity to Support the Economy. For broad based lending programs.
- Investment in Hospitals. Approximately $110M to support hospitals through the virus.
Information for this briefing was found via Fox News. Not a recommendation to buy or sell any securities. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
