Treasury Secretary Steven Mnuchin Thursday pushed for Congress to pass a $1 trillion economic relief measure by early next week to get cash payments quickly to Americans who are out of work because of the spreading coronavirus epidemic and to provide liquidity to companies who have had to shut their doors.

"As you know this is an unprecedented situation," Mnuchin told Fox Business' Maria Bartiromo.

High on the list is sending checks for Americans — $1,000 per adult and $500 per child.

"As soon as Congress passes this, we get this out in three weeks," Mnuchin said.

But meanwhile, the Trump administration understands there are effects on hardworking Americans, said Mnuchin, and the "president is determined that we are going to support them."

In additions to payments to individuals, the $1 trillion plan also includes:

• $300 billion to small businesses to hire people or keep employees on their payrolls. "If they do, there will be loan forgiveness on that afterward," Mnuchin said.
• Six weeks after that, if President Donald Trump continues the national state of emergency, another $3,000 per American will be delivered.
• $200 billion, for secured lending to the nation's critical industries, including to airlines.

Mnuchin said the administration and the Fed have been working around the clock to address concerns that Americans might not going to be able to get their money out of the money markets. Where the Fed and the administration don't have authority, "we are going back to Congress," he saidl

"The president is determined to go big to support the American economy," said Mnuchin.

He also noted that there is bipartisan support.

"I spoke to [Senate Minority Leader] Chuck Schumer several times, and to [House Speaker Nancy Pelosi],  even though she is not here, so I think everybody realizes there is going to be massive support for this economy, on both sides of the aisle," said Mnuchin.

He also insisted that the plans are not for a bailout, but to provide liquidity.

"We are doing things to encourage (businesses) to keep workers," Mnuchin said. "As this relates to big companies like airlines we are looking at making secured loans on market terms, so we will see whether that includes equity or doesn't include equity. We are not going to force things on people...we are going to make sure that taxpayers are compensated fairly, but I can assure you, the Fed, we, the president, are all 100% focused on providing liquidity to the economy."

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