US Treasury Secretary Mnuchin stated that the Coronavirus outbreak could push unemployment up to 20% without action. 

Mnuchin also said the Trump administration is planning to send checks to some Americans to combat the negative economic effects of the coronavirus pandemic.

Reuters reported that the facility, managed by the Federal Reserve Bank of New York, will offer loans up to 90 days to the two dozen Wall Street primary dealers who are important conduits for the sale of a broad range of bonds and other financial assets.

Mnuchin said the primary dealer credit facility would be in place for at least six months and may be extended as conditions warrant. Earlier on Tuesday, Mnuchin approved a Fed backstop for the $1 trillion commercial paper market, using $10 billion from the Treasury's Exchange Stabilization Fund