iStock/Gwengoat(NEW YORK) — As more businesses shut down and major cities mull over enacting a shelter in place to combat the spread of COVID-19, President Donald Trump floated the idea of sending relief checks directly to Americans to keep them afloat as work grinds to a halt while their bills — such as mortgages and student loans — don’t.
“At my direction, [Treasury] Secretary Mnuchin is meeting today with senators on additional stimulus packages,” the president announced Tuesday.
Mnuchin announced that the administration is looking into sending relief checks within the next two weeks. The recipients most likely will be households most in need of assistance.
“What we heard from hardworking Americans, many companies are now shut down whether bars or restaurants, Americans need cash now and the president wants to get [them] cash now. I mean now in the next two weeks,” Mnuchin said. “We want to make sure Americans get money in their pockets quickly.”
It has been reported that checks will consist of “at least $1,000” and should be dispersed by the end of April — pending Congress’ approval. Check size will be determined “on where we set the income cap for eligibility.”
Should the COVID-19 pandemic persist, a second check may be issued months later.
In addition to sending fiscal relief to Americans, the Trump administration is looking into a third stimulus package with a top line number up to $1 trillion.
The news seemingly quelled fears on the stock markets, as the Dow Jones Industrial Average rebounded by five percent by close and climbed over 1,000 points. Despite the slight comeback, the Dow still has ways to go to make up for the massive losses caused by COVID-19 concerns.
Likewise, the S&P 500 and Nasdaq rebounded slightly — up 5.99 and 6.23 percent respectively — but have not made up the losses from the massive selloff earlier this week.
While fears on the markets have seemingly been quelled, local authorities are combatting panicked residents misled by misinformation that’s permeating social media and being sent via text message. Authorities say outside actors are fabricating official looking disinformation with the intent of causing panic.
Residents in New York City, Washington D.C., Boston, Kansas and the West Coast were bombarded by text messages sending out realistic-looking warnings about an impending shutdown of public and government services because of the outbreak. Those messages drew swift response from local authorities, who declared that the messages were bogus.
In New York City, messages demanding that people stock up on money and food because bridges, tunnels and mass transit would be shutting down went viral — again, a report that required intervention from authorities, who took to social media to assauge fears.
Other mass texts warned of the president enacting a national quarantine — also false.
Authorities warn that no matter how official an email or text message may look — even if it came from someone you trust — always verify its source and if the information is accurate before passing it onto others.
As of Tuesday, there are over 6,400 confirmed cases of COVID-19 in the country. The U.S. death toll climbed to 110 as five more deaths were reported in Washington state and two in Colorado.
Copyright © 2020, ABC Audio. All rights reserved.
