Another Coronavirus Package and More Checks Might be On The Way
Update: Several lawmakers said today that the $350 billion loan program that was established as part of the $2 trillion package, will soon require more money. Treasury Secretary Steven Mnuchin said on Twitter that he was requesting an additional $250 billion for the Paycheck Protection Program, or PPP.
A $2 trillion relief package is already making its way to business in need and soon to American homes when stimulus checks start to arrive. There have been issues with the business loans especially, but hopefully the process gets easier in the days to come. Some stimulus checks could also be delayed so make sure to register here if you don’t file taxes.
But more relief could be on the way. House Speaker Nancy Pelosi praised the stimulus package bill that was recently passed, but added that it ids not enough. She told CNBC that she wants “more direct payments to individuals, beyond the chunks of up to $1,200 lawmakers just approved. She pushed for more small business loan funding on top of the $350 billion in the last law, and to extend beefed up unemployment insurance for two more months.”
Senator Marco Rubio also said Congress will likely have to expand pieces of the $2 trillion stimulus package passed last month. “I think everyone I’ve talked to recognizes we’re going to have to go back and do more, and probably more than once” he told CNBC.
Goldman Sachs also warned of more economic trouble and expects another stimulus package. The current relief measures signed into law aren’t nearly enough to cover the income that has been lost as a result of the coronavirus crisis Forbes says.