U.S. Sen. Todd Young (R-Ind.) says he supports a Treasury Department proposal to send direct money to Americans and economic support to small businesses.
President Donald Trump has already signed two federal emergency relief packages for the novel coronavirus – one for ramping up testing resources and a second one to cover the cost of testing and increase in unemployment.
Young says this third package, a proposal from the U.S. Department of the Treasury, would send $1,000 to every American adult and provide $500 for children. Though those details may change dramatically over the next few days.
“Both sides, Republicans and Democrats are really trying to get assistance out the door, as quickly as possible," Young says. "Of course we’re trying to do this very responsibly in light of all the money that’s involved. But time is of the essence.”
Young says this package also provide, what he calls, an extraordinary measure to support small businesses during the novel coronavirus outbreak.
The U.S. Department of the Treasury proposal would mark $300 billion for small business loans for up to six weeks of payroll.
“Knowing that some of it will be wasted, that some mistakes will be made – but on balance, you’re really going to do a lot to stabilize the economy and reassure people,” Young says.
Young says, from what he’s discussed with colleagues, Senate Republicans want to get this passed quickly.
Contact Lauren at lchapman@wfyi.org or follow her on Twitter at @laurenechapman_.
This is a rapidly evolving story, and we are working hard to bring you the most up-to-date information. However, we recommend checking the websites of the Centers for Disease Control and Prevention or the Indiana State Department of Health for the most recent numbers of COVID-19 cases.