Tax Deferments and Paychecks Could Be Coming To Those Deeply Affected By Coronavirus

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Coronavirus has quickly put the entire country at a stand still as we try to collectively combat this pandemic. With schools and business closed, people are thinking that the virus itself is the least of the worries to come. Many are afraid of financial crisis and President Trump is trying to ease some of that stress.

In light of the cornorvirus pandemic, President Donald Trump is pushing for an economic stimulus package that will support industries affected hardest by Coronavirus. The hope is for Congress to approve an $850 billion economics stimulus package to bolster the economy during the coronavirus pandemic. The package will help airlines and hotels as well as smaller businesses that have been hit hard during this time.

With people spending less money, business are making less and it can have a huge effect on our economy in the future. Businesses are starting to feel the effects of the state imposed shut downs and government ordinances created to help curb the spread of virus. Markets have not seen these high levels of volatility since the 2008 financial crisis and it is raising some eyebrows in the White House.

The government is fearful that without their interaction, national unemployment rates could rise nearly 20 percent. With Trump’s business mindset, he understands the importance of a healthy business economy so it’s only natural he would push to help them. He is urging Congress to act fast, and if all goes well businesses can expect checks within the next two weeks. Additional checks, covering two weeks of pay, are planned to go out by the end of April. Treasury Secretary Mr. Steven Mnuchin advises that earners making $1 million or more, will not be targeted.

Another way the White House plans to ease the blows from this world crisis is by allowing the deferment of income tax payments, making them interest and penalty free for 90 days. People can defer up to $1 million and corporations can defer up to $10 million.

The requirements or stipulations of these plans are still being worked out but we can expect an official announcement soon.

What I can tell you is we are not leaving town until we have constructed and passed another bill,” Senator Mitch McConnell said.