SPRINGFIELD, MA (WGGB/WSHM) -- President Donald Trump announced today, a new plan to give financial relief to Americans in the wake of coronavirus.
His goal is to help offset the financial hardship faced by workers.
The president along with his coronavirus task force is calling on Congress to pass a bold stimulus package to help workers struggling to stay afloat, especially those who work for airlines, restaurants, and hospitality.
President Donald Trump was joined by Treasury Secretary Steve Mnuchin, who said they were looking to send the American people checks immediately.
At that time details were still being worked out about how much money and if there might be restrictions on who is eligible.
"We're looking at sending checks to Americans immediately. What we've heard from hard-working Americans, making companies have shut down whether it's bars or restaurants, Americans need cash now and the president wants to get cash now...and I mean now in the next two weeks," Mnuchin explained.
Western Mass News spoke with Richard Pelletier, a local financial and investment adviser.
He said while stimulus packages have been done before, one to this extent is nearly unprecedented.
"This is what we call a black swan event. Extremely rare. So the response is going to have to be extremely unique. It’s all a question about confidence. With the market and life in general, do you have the confidence we’re going to get through this? I do. I don’t think it’s a silver bullet but I think it’s certainly a step in the right direction. There’s a lot of people who are on the lower end of the pay scale...they cannot survive without compensation for 2 to 3 weeks let alone 2 to 3 months so I think it’s a good step," Pelletier explained.
President Trump said they expect to release more information on this plan later today, saying the exact method of how Americans would get the money is not yet clear.
President Trump also announced that the treasury and IRS will delay the tax season deadline by 90 days, but this is for federal returns only.
This is to give Americans more time, pushing the due date to mid-July.