CNBC’s Kelly Evans talks with Paychex CEO Martin Mucci on getting checks to the American public and how his company can help.
Some good news – in the form of money – may be coming to Americans soon.
On Tuesday, Treasury Secretary Steve Mnuchin said that the Trump administration plans to move “immediately” to send money to Americans as the coronavirus cripples the economy.
“Americans need cash now,” Mnuchin said, indicating checks could come in the next two weeks.
The announcement follows much discussion over how the government could act to help shore up American workers’ bank balances now, with so many businesses temporarily closed or operating at reduced capacities.
A thousand dollars for everyone
Sen. Mitt Romney, R-Utah, said this week that he wants the government to send every adult $1,000.
Details on how big the checks the Trump administration hopes to deploy have not been disclosed.
The Treasury Department is proposing sending two rounds of payments to taxpayers on April 6 and May 18, NBC News reported on Wednesday. Both checks would be the same size. How much you receive would be determined by your income and the size of your family, according to the report.
Of course, any plans would need a green light from Congress.
“The basic idea of getting money into the economy very quickly is a good idea,” said Leonard Burman, institute fellow at the Urban Institute, a non-partisan think tank, and co-founder of the Tax Policy Center.
It is also an improvement over potential payroll tax cuts, another idea that has been touted by the Trump administration and others in recent weeks.
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