The Trump administration plans to send taxpayers $ 500 billion in loans and $ 50 billion in airlines

WASHINGTON (Reuters) – The Trump administration on Wednesday asked Congress to approve two rounds of cash payments of $ 500 billion to taxpayers scheduled to start on April 6 and $ 50 billion in secured loans to US airlines to cope with the financial impact of the corona virus document seen by Reuters.

Payments would be graded according to income and family size. According to the document, they would be manufactured in two rounds of $ 250 billion on April 6 and May 18.

US President Donald Trump said on Wednesday that it was not clear how big the checks would be. “We’re looking at different numbers,” Trump said. “Everyone seems to want to grow up.”

Congressional leaders are discussing the proposal. Some Senate Republicans have requested $ 1,000 checks for taxpayers, but Senate Democratic leader Charles Schumer says it should be higher.

“This is no time for small measures. This is a time to be brave and aggressive, ”said Schumer on Wednesday, saying that he wants to make more payments to those who need it most.

The government is seeking another $ 150 billion in its $ 1 trillion economic and bailout proposal to help hard-hit business sectors for secured loans or loan guarantees and $ 300 billion for small business interruption loans. “We want to help everyone,” said Trump.

Officials have said hotels, restaurants, the aviation industry, and cruise ships could belong. Boeing Co (PROHIBITION) announced on Wednesday that it would request loan guarantees and other funding of at least USD 60 billion for the entire aviation sector, while cargo and passenger airlines will apply for loans and grants of USD 58 billion.

Trump made a call to the Delta Air Lines executives (DAL.N.), American Airlines (AAL.O), United Airlines (UAL.O), UPS (UPS.N) and other airlines on Wednesday.

A spokeswoman for Senator Richard Shelby, a Republican who chairs the Appropriations Committee, said he believed that “the best way to help airlines deal with this storm is to provide liquidity through secured loans”.

Trump “told the airlines that they are an integral part of our daily lives and economies and that this nation will be there to support them,” the White House said.

The airlines would have to limit executive remuneration until the loans are repaid and also agree to continue the service. Airlines called in a call to House Speaker Nancy Pelosi on Tuesday to agree not to use emergency loans for share buybacks, sources said.

U.S. President Donald Trump speaks at the White House in Washington, U.S., on March 17, 2020, about the daily corona virus briefing (COVID-19). REUTERS / Jonathan Ernst

Executives from the American hotel and travel industry from companies such as Marriott and Hilton met with Trump on Tuesday to discuss a potential $ 250 billion aid package when thousands of hotel workers went on vacation due to the rapidly expanding corona virus.

The requested package would include $ 150 billion in direct aid to the hotel sector and $ 100 billion to related travel companies, including convention companies, industry leaders said after the meeting with Trump, who had made his fortune from real estate and hotels .

US restaurants asked for a $ 455 billion aid package on Wednesday. The industry could cut almost half of its 15.6 million jobs and at least a quarter of its annual turnover due to the outbreak of the corona virus.

Reporting by David Shepardson; Edited by Chizu Nomiyama and Diane Craft

Our standards:The Thomson Reuters Trust Principles.



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