The Treasury Department will be asking Congress for $500 billion in direct payouts for taxpayers as part of a $1 trillion stimulus package. The two rounds of direct payments to taxpayers, each a total of $250 billion, would be sent on April 6 and then the second round would be sent on May 18, according to the proposal. They would be tiered payments, with the amounts based on income level and family size, the proposal says. Both payments would be for the same amount. The Treasury is also asking for $50 billion for the airline industry, a small business interruption loan program of $300 billion, and $150 billion for other distressed sectors, the proposal said. 

Status: We expect the Senate and House to have their own proposals as well, so the final package is still unclear. See below for a more in-depth summary of this bill.