Interest Rate Outlook: Stimulus Plan
Largest Relief Package in U.S. History Signed
On Friday, President Trump signed a $2 trillion stimulus plan following a 96-0 vote in the Senate and strong support in the House. The bill extends aid through direct payments and expanded unemployment insurance to many struggling Americans, provides loans and grants to businesses, supports draining state funds and provides additional resources to in-need healthcare providers. Amongst other things, the legislation will provide one-time payments of $1,200 to Americans with adjusted gross income below $75,000, with an additional $500 per child. Government payments will be lowered by $5 for each additional $100 over thresholds, with payments phased out for individuals whose income exceeds $99,000. The package also included $350 billion in loans to small businesses and $500 billion allocated in corporate aid.
COVID-19: Extension of Social Distancing
The Trump administration announced on Sunday that it would extend social distancing guidelines through April 30th, after previously saying it hoped to reopen the country by Easter. Additionally, President Trump said that the peak of the death rate from the coronavirus was expected to hit in two weeks, and that he expected the country to be on the road to recovery by June 1st. Dr. Fauci, Director of National Institute of Allergy and Infectious Diseases said that projections imply between 100,000 and 200,000 Americans could die as a result of the virus.
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