The House is trying to expedite passage of the bill in a vote today. Once President Trump signs the bill, most Americans in line for the cash — up to $1,200 for each adult and another $500 per child — can expect it to land in their bank accounts “within three weeks,” according to Treasury Secretary Steven Mnuchin. But "many experts say that is an ambitious timetable, and it might get pushed back to later in April,” my colleagues Ashlyn Still, Heather Long, and Kevin Uhrmacher write.

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And that only applies to those Americans who included direct deposit information on their 2019 tax returns.

Some 6.5 percent of Americans are “unbanked,” meaning they don’t have a bank account, according to a 2017 study by the Federal Deposit Insurance Corporation. Fully 25 percent of the country, some 55 million people, are underbanked, meaning if they do have a bank account, they use other financial services to make ends meet.

To get funds to many in this population, the federal government’s default option is sending physical checks. Tax analysts expect that project could take two months at a minimum and potentially double that time.

Why? Because, Janet Holtzblatt of the Tax Policy Center writes, “computer programs must be developed and tested. Guidance must be drafted to fill in the holes left in legislation. Notices telling taxpayers when to expect checks must be written. The IRS website must be updated and telephone operators must be trained to deal with the expected deluge of questions from impatient taxpayers.”

Millions of Americans living hand to mouth can’t wait that long. More than half of American households, 53 percent, don’t have an emergency savings account. And of that group, 61 percent can make ends meet for no longer than two months with the cash they have on hand, according to a recent look by Deutsche Bank Securities:

“The rainy-day fund for the median household was already relatively empty,” Torsten Slok, Deutsche Bank Securities chief economist, tells me. “Speed is certainly of the essence. The longer this goes, the more negative the economic impact.”

The scale of the shock bearing down on the economy was thrown into dramatic relief by a historic jump in new jobless claims, as 3.3 million Americans applied for unemployment benefits last week. It was the biggest spike in history and likely sent the employment rate from 3.5 percent to 5.5 percent.

A third of Americans already report the crisis has caused them or an immediate family member to lose a job, and about half say someone in their family has had their pay or work hours cut, according to a new Washington Post-ABC News poll. More than 9 in 10 expect a recession, and more than 6 in 10 say it will be as bad or worse than the Great Recession.

The pain will be concentrated in large metro areas, which are likely to see a surge in their homeless populations, says RSM chief economist Joe Brusuelas. “The people who live on the edge of society are most at risk of becoming homeless if they aren’t on the receiving end of assistance for four months,” he says.

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That’s because many are working in hourly jobs or in the “black economy” and “were likely to be the first to be let go or have their hours cut to zero.” Once that happens, Brussels says, they can’t count on forbearance from landlords. “Landlords who can’t collect rent from the unbanked are more likely to evict them, because they know they’ll face no pushback.”

The administration is reportedly looking for speedier alternatives to mailed checks. One option would involve partnering with MasterCard and Visa to deliver prepaid debit cards. MasterCard spokesman Keith Eisen said in an email the company stands “ready to help,” noting its work “with governments and NGOs across a number of programs over the years, including helping to provide efficient distribution of aid and benefits.” The Treasury Department did not respond to a request for comment.

Treasury could add the funds to debit cards low-income Americans already use for food stamps and other safety-net aid, says Aaron Klein, a former Treasury official who now serves as policy director at the Brookings Institution's Center on Regulation and Markets. And he said the Federal Reserve should set up a real-time payment system so those with bank accounts can get access to the cash quickly, without having to resort to using check-cashing services that will take a bite out of the funds.

“This is not just the poorest of the poor,” Klein says. “This is also about the single moms living paycheck to paycheck, whose incomes are taking a giant hit. They don’t have the cushion to handle it, and they don’t have the time to wait.”

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MONEY ON THE HILL

House leaders look to speed final passage: “House Speaker Nancy Pelosi (D-Calif.) vowed to bring the massive legislation to the House floor on Friday and said she felt certain ‘we will have a strong bipartisan vote,'" my colleagues Erica Werner, Mike DeBonis, Paul Kane and John Wagner report.

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“To hasten passage, Pelosi is seeking to hold a voice vote, which would not require the House’s 429 sitting members to reconvene in Washington — a move House Minority Leader Kevin McCarthy (R-Calif.) said he endorsed, given that multiple lawmakers have contracted or been exposed to the coronavirus.”

Not so fast …: “But at least one lawmaker is considering upending those plans. Rep. Thomas Massie (R-Ky.) said Thursday that he opposed the bill, approved Wednesday by the Senate, and is concerned that voting without a quorum present — the majority of the House chamber — would violate the Constitution. Massie said he has yet to decide whether to press the issue, which could delay a House vote until late Saturday or Sunday.”

MARKET MOVERS

— Stocks roar, Dow tops 1,300: “A dismal unemployment report failed to pop Wall Street’s buoyant mood with stocks running to their third straight day of gains following the federal government’s pledge to shower trillions of dollars on U.S. residents and commerce,” my colleagues Rachel Siegel and Thomas Heath report.

“The Dow Jones industrial average soared 1,352 points, or 6.4 percent, to cap its second-best three-day run in history; the top spot occurred in 1931. With Thursday’s close of 22,552.17, the blue chips have bounced 21.3 percent since Monday, though they’re still 23.7 percent from their Feb. 12 high.”

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The companies behind the rally: “The index’s rally has been powered by Boeing, which has seen a resurrection of its stock price this week on word that federal help is on the way. The aerospace giant’s shares jumped 13 percent, to $180 a share. Its shares were trading below $100 on Monday. Chevron, Walgreens Boots Alliance and UnitedHealth Group also paced the Dow’s performance.”

Why the market is rising even with terrible news: “The thinking about bear markets dying on bad news is that the market is always looking ahead, and when it fully prices in all of the awful stuff out there, the selling will stop even if current conditions look bleak,” CNBC's Jeff Cox “The thinking about bear markets dying on bad news is that the market is always looking ahead, and when it fully prices in all of the awful stuff out there, the selling will stop even if current conditions look bleak,” CNBC's Jeff Cox reports . “There wasn’t much sense to be made of the move Thursday, but it did spark talk that the worst of the market damage from the coronavirus crisis could be over.”

From Bloomberg's Joe Weisenthal:

The worst week for the economy in decades: “The record 3.3 million jobless claims reported Thursday mark the beginning of an economic crisis facing American workers and businesses — a slump, experts say, that will only end when the coronavirus pandemic is contained,” my colleague Heather Long reports.

“The economy has entered a deep recession that has echoes of the Great Depression in the way it has devastated so many businesses and consumers, triggering mass layoffs and threatening to set off a chain reaction of bankruptcies and financial losses for companies large and small.”

— Fed balance sheet tops $5 trillion for the first time: “The Fed’s total balance sheet size exploded by more than half a trillion dollars in a single week, roughly twice the pace of the next-largest weekly expansion in the financial crisis in October 2008. As of Wednesday, the Fed’s stash of assets totaled $5.3 trillion, according to data released on Thursday," Reuters's Dan Burns reports.

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“The Fed bought $355 billion of Treasuries and mortgage-backed bonds in the last week in what is now an open-ended commitment to stabilize financial markets rocked by the outbreak and the halt in economic activity that has come in its wake.”

From Bloomberg's Luke Kawa:

Peter Tuchman, the iconic New York Stock Exchange trader, tests positive:

CORONAVIRUS FALLOUT

In the United States:

Trump continues to push to reopen parts of the country: “Tensions between [Trump] and governors from states hit hardest by the coronavirus pandemic are rising at a time when the White House is pushing to loosen restrictions on social distancing in parts of the country due to concerns that they are hurting the economy,” “Tensions between [Trump] and governors from states hit hardest by the coronavirus pandemic are rising at a time when the White House is pushing to loosen restrictions on social distancing in parts of the country due to concerns that they are hurting the economy,” my colleagues Robert Costa, Laura Vozzella, Josh Dawsey and David Nakamura report . Trump clashed with Gov. Jay Inslee (D-Wash.) on a conference call Thursday over Inslee's insistence the administration take more dramatic action.

Fauci says the virus dictates when the economy reopens: "You need to see the trajectory of the curve start to come down,” White House health adviser Anthony Fauci told NBA star Stephen “Steph” Curry on an Instagram story interview that the Golden State Warriors player held for tens of thousands of followers, among them former President Obama, CNBC's Dan Mangan "You need to see the trajectory of the curve start to come down,” White House health adviser Anthony Fauci told NBA star Stephen “Steph” Curry on an Instagram story interview that the Golden State Warriors player held for tens of thousands of followers, among them former President Obama, CNBC's Dan Mangan reports

Jay Powell echoed that view: “In a rare network television interview on NBC’s Today Show, Powell said the United States ‘may well be in recession’ but that confidence would return once the virus was under control,” Reuters's Howard Schneider “In a rare network television interview on NBC’s Today Show, Powell said the United States ‘may well be in recession’ but that confidence would return once the virus was under control,” Reuters's Howard Schneider reports

White House balks at cost of ventilators: “ The decision to cancel the announcement, government officials say, came after the Federal Emergency Management Agency said it needed more time to assess whether the estimated cost was prohibitive. That price tag was more than $1 billion, with several hundred million dollars to be paid upfront to General Motors to retool a car parts plant in Kokomo, Ind., where the ventilators would be made with Ventec’s technology,” the New York Times's David E. Sanger, Maggie Haberman and Zolan Kanno-Youngs David E. Sanger, Maggie Haberman and Zolan Kanno-Youngs report of a still-unannounced partnership.

U.S. tops 1,000 deaths, surpasses China in cases: “Just two months after America’s first confirmed case, the country is grappling with a lethal reality: The novel coronavirus has killed more than 1,000 people in the United States, a toll that is increasing at an alarming rate,” “Just two months after America’s first confirmed case, the country is grappling with a lethal reality: The novel coronavirus has killed more than 1,000 people in the United States, a toll that is increasing at an alarming rate,” my colleagues Abigail Hauslohner, Reis Thebault and Jacqueline Dupree report . The U.S. now has more than 85,500 confirmed cases, the most in the world.

Corporate fallout:

Mnuchin says airline grants will require equity stakes: “Mnuchin indicated that the U.S. government would take stakes in airlines in exchange for billions of dollars in direct grants to the companies, according to people familiar with the matter, as part of a $2 trillion economic rescue package,” the Wall Street Journal's Siobhan Hughes, Alison Sider and Kate Davidson “Mnuchin indicated that the U.S. government would take stakes in airlines in exchange for billions of dollars in direct grants to the companies, according to people familiar with the matter, as part of a $2 trillion economic rescue package,” the Wall Street Journal's Siobhan Hughes, Alison Sider and Kate Davidson report

Major cruise lines could be left out of bailouts: “To be eligible for [the $500 billion pool of relief] … a company must be ‘created or organized in the United States or under the laws of the United States’ and ‘have significant operations in and a majority of its employees based in the United States.’ Several major cruise lines, however, are not incorporated in America. Carnival, for example, is incorporated in Panama, although it has a U.S. entity and a headquarters in Miami," CNBC's Lauren Hirsch “To be eligible for [the $500 billion pool of relief] … a company must be ‘created or organized in the United States or under the laws of the United States’ and ‘have significant operations in and a majority of its employees based in the United States.’ Several major cruise lines, however, are not incorporated in America. Carnival, for example, is incorporated in Panama, although it has a U.S. entity and a headquarters in Miami," CNBC's Lauren Hirsch reports

Big banks put off job cuts. “ Morgan Stanley, Goldman Sachs Group Inc, Wells Fargo & Co, Deutsche Bank AG, HSBC Holdings PLC and Citigroup Inc were among those on Thursday reassuring staff privately or through public statements that job cuts are not on the table,” per Reuters

Oil producers prep for major production halt . “The industry is bracing for something that last happened on this scale 35 years ago: producers shutting down their wells as pumping crude makes no economic sense… The oil market -- hit by the double blow of a demand slump and a supply surge as Saudi Arabia and Russia wage a price war -- is battling a surplus of as much as 20% of global consumption,” Bloomberg's Javier Blas The oil market -- hit by the double blow of a demand slump and a supply surge as Saudi Arabia and Russia wage a price war -- is battling a surplus of as much as 20% of global consumption,” Bloomberg's Javier Blas writes

Retailers shift production to PPE: “While more than 50,000 stores are closed, by CNBC’s count, many retailers and consumer-facing companies are using their knowledge and supplier base to do what they can to fill the void in equipment,” Courtney Reagan “While more than 50,000 stores are closed, by CNBC’s count, many retailers and consumer-facing companies are using their knowledge and supplier base to do what they can to fill the void in equipment,” Courtney Reagan reports

Ford to restart U.S. plants next month: “To generate cash, the No. 2 U.S. automaker [is] poised to restart production at some plants in North America as early as April 6, bringing back such profitable vehicles as its top-selling F-150 full-sized pickup, the Transit commercial van and SUVs,” Reuters's Ben Klayman “To generate cash, the No. 2 U.S. automaker [is] poised to restart production at some plants in North America as early as April 6, bringing back such profitable vehicles as its top-selling F-150 full-sized pickup, the Transit commercial van and SUVs,” Reuters's Ben Klayman reports

GM temporarily cuts pay by 20 percent for 69,000 salaried workers: “The reduced pay, which will begin April 1, will be repaid in a lump sum with interest no later than March 15, 2021, according to a list of actions announced by the company that was obtained by CNBC,” Michael Wayland “The reduced pay, which will begin April 1, will be repaid in a lump sum with interest no later than March 15, 2021, according to a list of actions announced by the company that was obtained by CNBC,” Michael Wayland reports

A regional grocery chain managed to stay ahead of the outbreak: San Antonio-based H.E.B. “began limiting the amounts of certain products customers were able to purchase in early March; extended its sick leave policy and implemented social distancing measures quickly; limited its hours to keep up with the needs of its stockers; added a coronavirus hotline for employees in need of assistance or information; and gave employees a $2 an hour raise on March 16,” Texas Monthly's Dan Solomon and Paula Forbes San Antonio-based H.E.B. “began limiting the amounts of certain products customers were able to purchase in early March; extended its sick leave policy and implemented social distancing measures quickly; limited its hours to keep up with the needs of its stockers; added a coronavirus hotline for employees in need of assistance or information; and gave employees a $2 an hour raise on March 16,” Texas Monthly's Dan Solomon and Paula Forbes report

There's now a retail egg shortage: “Experts say this is an on-shelf shortage, that there are enough eggs in the works. But if Americans — now cooped up and stress-baking for their families — continue to markedly change their cooking behaviors, American egg producers will have to grow their flocks. But that takes time: It takes 22 weeks for a chick to become a laying hen,” my colleague Laura Reiley “Experts say this is an on-shelf shortage, that there are enough eggs in the works. But if Americans — now cooped up and stress-baking for their families — continue to markedly change their cooking behaviors, American egg producers will have to grow their flocks. But that takes time: It takes 22 weeks for a chick to become a laying hen,” my colleague Laura Reiley reports

International fallout:

Trump speaks with Xi: “[Trump] spoke Friday with Chinese leader Xi Jinping, in what he characterized on Twitter as ‘a very good conversation,’ which comes as their countries have been locked in escalating strategic competition and a political war of words exacerbated by the coronavirus pandemic,” my colleague Miriam Berger “[Trump] spoke Friday with Chinese leader Xi Jinping, in what he characterized on Twitter as ‘a very good conversation,’ which comes as their countries have been locked in escalating strategic competition and a political war of words exacerbated by the coronavirus pandemic,” my colleague Miriam Berger reports

POCKET CHANGE

THE FUNNIES