President Trump and top economic officials will pitch wary Senate Republicans on a payroll tax cut and other policy proposals meant to ease the economic fallout of coronavirus during a closed-door lunch Tuesday, two people briefed on the matter tells CNN.
White House economic officials plan to lay out additional measures to try and arrest the economic pain stemming from the spread of the virus, including proposals to implement paid sick leave, deferral on tax collection on specific industries including airlines, cruise lines and hotels, and specific proposals to make small business loans more available and with flexible repayment options, according to the two people.
But while Trump has made the payroll tax cut a focal point of the White House economic response, the administration's top economic policy officials have started to focus more on the small and medium business loan elements of any proposal, as they have become keenly aware of the lack of demand that could lead to a credit crunch in the days and weeks ahead, one of the people said.
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