Treasury Secretary Steven Mnuchin says ‘We’re looking at sending checks to Americans immediately.’
Treasury Secretary Steven Mnuchin on Tuesday said the Trump administration is considering sending direct payments to Americans as the country grapples with the coronavirus crisis, and announced that individuals and businesses will be allowed to defer tax payments.
“We’re looking at sending checks to Americans immediately,” Mnuchin said at a White House briefing. He said the aim was for the payments to go out in the next two weeks, though he did not specify a dollar figure. That idea could replace a payroll-tax holiday, something that was previously discussed with lawmakers on Capitol Hill.
The Treasury chief also said President Donald Trump has signed off on allowing the deferral of $300 billion in payments to the IRS.
Mnuchin said if individuals owe a payment, they can defer up to $1 million, and corporations may defer $10 million. The deferrals will be penalty-free for 90 days as the U.S., he said.
U.S. stocks DJIA, +3.38% shot higher as the administration was unveiling the new steps, bouncing back after a 3,000-point drop on Monday.