(Bloomberg) -- The U.S. Treasury Department proposed to temporarily guarantee money market mutual funds with taxpayer dollars as part of its coronavirus stimulus plan, according to a document obtained by Bloomberg News.
In a proposal sent to lawmakers early Wednesday, the department laid out plans to temporarily permit use of its exchange stabilization fund to guarantee money markets, according to the document.
Treasury proposed terminating the authority when President Donald Trump ends the national emergency declaration he announced Friday.
Other things to check out:
The case for just giving Americans money to help with coronavirus fallout - The Washington Post
This week, President Trump said he wants to send Americans checks, at least temporarily. The White House is even talking to Yang about his idea to pay people $1,000 a month more long term. Rep. Alexandria Ocasio-Cortez (D-N.Y.) supports it. There is a growing consensus among Republican senators, including some of the most conservative, that some kind of cash infusion needs to happen. Economists say it's a fine idea, at least in the short term.
Here's the case for the federal government just giving Americans money to get them through the coronavirus outbreak — and some of the cautionary pushback.
Coronavirus: Small Businesses Need Money Quickly To Survive : NPR
A sign at a bar in Washington, D.C., alerts customers that it's closed due to the coronavirus outbreak. Lawmakers are considering big moves to assist small businesses. Andrew Harrer/Bloomberg via Getty Images hide caption
As the economy rapidly shuts down, many small businesses around the country are on the verge of collapsing. They have a message for the federal government: Please send money fast or we'll be out of business.
On average, companies with fewer than 500 employees have less than a month of cash reserves, according to a study by the JPMorgan Chase Institute. Smaller Main Street type businesses often have just a couple of weeks worth of cash to keep running.
Money will run short for many Americans, so starting planning now
More than talk of emergencies, we suddenly must deal with one: a virus that grew into a pandemic .
With medical resources overwhelmed, schools closing, many employees asked to work from home, and the stock market gyrating, we are up against a formidable challenge. How prepared are we to meet it ? The indicators that give us a glimpse into the personal finances of Americans are not reassuring.
According to recent data from the 2018 National Financial Capability Study and the 2019 P-Fin Index , only 50% of Americans say they can cover expenses and bills with no difficulty in a typical month. Nearly eight in 10 carry some kind of debt; 37% feel that they have too much debt. Health care is a notable part of this burden. Nearly one quarter of Americans report having unpaid or past-due bills from a health care or medical service provider.
This may worth something:
Your Money: A Hub for Help During the Coronavirus Crisis - The New York Times
If your income has fallen or been cut off completely, we're here to help. This guide will connect you to the basic information you'll need to get through this, including on government benefits, free services and financial strategies.
If there's something you need — or something you can offer that large numbers of people can access — please write to hubforhelp@nytimes.com . Ron and Tara will respond to every message they can.
The coronavirus outbreak has already handed many people sudden drops in income, if it hasn't dried up completely. Anyone who has experienced this or is worried they might needs to understand unemployment benefits.
8 millionaires reveal the worst money mistakes they made when they were younger
Even the world's richest people weren't born with financially savvy skills. That's why, if you aspire to be wealthy , it's important to learn from the mistakes they made on their journey to wealth.
We asked eight self-made millionaires and Advisors in The Oracles to share the worst money mistakes they regret making when they were younger — and how it's changed their financial beliefs today:
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"I believe money is meant to be spent, so I've never been good at saving. But I wish I hadn't spent The Corcoran Group's first big profit on a marketing campaign that flopped.
Opinion | Coronavirus Has the Economy in Free-Fall: Give People Money - The New York Times
The United States has never experienced anything quite like the economic disjuncture caused by the spread of the new coronavirus. Airports and malls are empty. Restaurants and movie theaters are closed. The collapse is happening so fast it isn't visible yet in standard data like the unemployment rate, but startling facts are piling up.
OpenTable, a restaurant reservation website, reported 56 percent fewer people ate at its member restaurants on Monday compared with the same day last year. In a poll , almost one fifth of the respondents said they were working fewer hours or had lost their jobs.
Trump says coronavirus-affected workers to receive money 'soon' | Fox Business
President Trump on Wednesday reassured out-of-work Americans that money will "soon" be on its way to help them, as many businesses continue to close their doors as a result of the ongoing coronavirus pandemic.
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"For the people that are now out of work because of the important and necessary containment policies, for instance the shutting down of hotels, bars and restaurants, money will soon be coming to you," Trump wrote in a tweet. "The onslaught of the Chinese Virus is not your fault! Will be stronger than ever!"
Happening on Twitter
#BREAKING: U.S. Treasury Department proposes sending $500B in checks to Americans, with the first round of checks coming April 6, per AP. CBSLA (from Los Angeles) Wed Mar 18 16:02:27 +0000 2020
#BREAKING: The U.S.Treasury Department is proposing sending $500 billion to millions of Americans, with the first r… https://t.co/Ewsrjj2fAi FOXLA (from Los Angeles, CA) Wed Mar 18 16:44:25 +0000 2020
Treasury proposes sending $500B to Americans starting in April https://t.co/sSw4JBsUTa https://t.co/1Ksct7LYDg KTVU (from Oakland, CA) Wed Mar 18 19:36:58 +0000 2020
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