Coronavirus: US plans $1000 cash transfer per adult in $1 trillion stimulus package

US Treasury Secretary Steven Mnuchin said that Trump administration is planning to $1000 per adult and $500 per child amid coronavirus crisis. Speaking to Fox News on March 18, top White House official said that direct money transfer will be a part of $1 trillion stimulus pack that administration has anunced to absorb shockwaves of ecomic downturn due to pandemic.

"So, for a family of four, that's a $3,000 payment. As soon as Congress passes this, we get this out in three weeks. And n six weeks later, if president still has a national emergency, we'll deliver ar $3,000,” said Mnuchin.

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White House is seeking a stimulus pack of $1 trillion to battle ecomic impact and plan includes $300 billion for small businesses. Mnuchin said that third component of pack is of $200 billion that can be used for more facilities with Fed for secured lending to airlines and for or critical industries.

anuncement came after US President Donald Trump signed Families First Coronavirus Response Act. Act provides for paid sick leave, paid family and medical leave, enhanced Unemployment Insurance, food security initiatives and free and widespread testing.

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World Bank increases pack

With ecomies hit hard due to virus, World Bank Group has approved an increased $14 billion pack to help companies and countries prevent, detect and respond to rapid spread of coronavirus. original response pack of $12 billion anunced on March 3 included $6 billion in financing by World Bank to strengn health systems and ar $6 billion by IFC to help provide a lifeline for micro, small and medium-sized enterprises.

“It’s essential that we shorten time to recovery. This pack provides urgent support to businesses and ir workers to reduce financial and ecomic impact of spread of COVID-19,” said David Malpass, president of World Bank Group, in a statement.

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