In light of the COVID-19 outbreak, the US Treasury Secretary Steven Mnuchin recently informed that the total cost of legislation aimed towards boosting the US private sector will be significant but not huge.
With coronavirus causing major shutdowns and damaging the travel industry, US government will pay attention on helping businesses that need liquidity.
“It’s hard to model some of these things because you don’t know how many workers are going to be home. I want to be careful about throwing out numbers. I think based upon the numbers that we’re going to see, it’s going to have costs that are significant, but not huge” said U.S. Treasury Secretary Steven Mnuchin.
Cruise companies such as Carnival and Royal Caribbean reported that their stock dropped dramatically following the situation.
In fact, the Trump Administration is discussing with several US airlines, hotels and cruise lines in order to agree about a possible aid package, as a way to limit the impact that coronavirus has brought.
“That’s a portion of the economy, but it’s the economy that is going to be hit the hardest”...Mnuchin continued.
Concluding, the U.S. House of Representatives overwhelmingly passed a coronavirus aid package early on Saturday that would provide free testing and paid sick leave, in a bid to limit the economic damage from the pandemic.
