That's an ADDITIONAL. $1 Trillion. Daily.

The New York Federal Reserve Bank said it will offer $1 trillion of overnight loans a day through the end of this month to large banks. That is in addition to $1 trillion in 14-day loans it is offering every week... Wall Street analysts say the huge number is intended to calm markets by demonstrating that the Fed’s ability to lend short-term is nearly unlimited.
The Fed is also buying Treasury bonds at a furious pace, and will soon run through the $500 billion in purchases it announced on Sunday. It is also accelerating its purchases of mortgage-backed securities. Most analysts expect they will buy more.

To be fair, the banks haven't borrowed nearly as much as the Fed is offering, and none of the funding is directly from the taxpayer.
But as for calming the markets...

The 30-year fixed-rate mortgage averaged 3.65% during the week ending March 19, an increase of 29 basis points from the previous week, Freddie Mac reported Thursday. This was the largest weekly increase in the average 30-year mortgage rate since November 2016, and it’s the highest mortgage rates have been since mid-January.

The Federal Reserve slashed rates to zero and launched a new bond purchase program that included $200 billion in mortgage-backed bonds, and interest rates still went up.

And there is corporate debt, where the real economic bombs rest.
Consider these two headlines.

the benchmark that tracks the most creditworthy part of the $9 trillion U.S. corporate bond market, the ICE Bank of America U.S. IG Corporate index, is having its worst month yet...
What can the selloff slamming bonds tell us in terms of expected defaults? In the near $1.5 trillion high-yield sector, 32.6% of its outstanding bonds were trading at distressed levels, as of Wednesday’s close, according to Fidson, which implies a 8.35% default rate over the next 12 months.

And then there is the foreign exchange markets.

The global rush for dollars that’s been roiling the $6.6 trillion a day foreign-exchange market has showcased a missing piece of financial-safety architecture that world policy makers never addressed in the aftermath of the 2008 crisis...
Some moves have hinted at markets veering toward dysfunction:

At one point Thursday, Britain’s pound registered its deepest eight-day slide since 1992, when it was infamously ejected from the European exchange rate mechanism.Australia’s dollar hit its weakest since 2002, suffering its biggest two-week decline since the aftermath of Lehman.The Japanese yen, Swiss franc and gold, which usually gain when fear grips markets -- and did so until recently -- have been sliding the past two weeks as the dollar stood alone as a haven.Mexico’s peso and India’s rupee hit record lows. The Korean won slid the most in a decade on Thursday.

“The dollar’s surge will renew calls for a shift from a dollar-centric global financial system,” said Eswar Prasad, who once led the International Monetary Fund’s China team, and is now at Cornell University.

Prasad is totally correct.
Russia and China will soon have something important to say about Dollar Hegemony.

Meanwhile, the U.S. economy is about to take a body blow.

Upcoming weekly jobless claims will shatter the standards set even during the worst points of the financial crisis and the early-1980s recession, with Bank of America forecasting a total of 3 million when the number is released Thursday. Those figures are expected to be so bad, in fact, that the Trump administration, according to several media reports, has asked state officials to delay releasing precise counts.
...
The worst month for job losses during the financial crisis was 800,00 in March 2009.

Some forecasts see April quintupling that or worse. Forecasts for that month range from 500,000 to 5 million.