Generic: Money, cash

Senate Minority Leader Chuck Shumer announced Wednesday, "To the American people we say, big help, quick help is on the way."

Big help to the tune of $2 trillion, as lawmakers struck a stimulus deal Wednesday, amid the coronavirus crisis and its effect on the U.S. economy.

Something Timothy Nash, director of the McNair Center at Northwood University says, is good news for Michiganders.

"Michigan's the 14th largest economy in the country so they're going to proportionally allocate those dollars to the states," Nash said.

He says, under the stimulus package, the money will be spent across 3 sectors: distressed companies, small business loans, and direct payment to individuals and families.

This means individuals earning up to $75,000 will receive 1,200. Married couples earning up to $150,000 will receive 2,400 with an additional 500 dollars per child in the family.

"It makes sense to get those people get dollars in their pockets because they're going to spend the dollars,” Nash said. “You know the lower your income, the higher propensity you have to spend it."

Nash says circulating this money is the best way to help boost the economy, both locally and globally as Michigan's population is over 9 million

"The important thing to remember is there's a great incentive for the government to get those dollars out as quickly as possible because people will be spending those on everything from food to rent and the kinds of things to make their family more secure," Nash said.

Late Wednesday night, the Senate passed the $2.2 trillion economic rescue package.

READ MORE: Senate passes coronavirus rescue package on unanimous vote

Copyright 2020 WNEM (Meredith Corporation). All rights reserved.

CLICK HERE to download the TV5 app.

Locations

Recommended for you

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.