SENATE Majority Leader Mitch McConnell unveiled the Republican’s $1trillion coronavirus relief plan on Monday, setting the stage for a showdown with congressional Democrats in the coming days.
The legislation would temporarily reduce the pandemic unemployment benefits from $600 to $200 a week. While also authorizing a second round of $1,200 stimulus checks.
The GOP’s pandemic unemployment assistance would set the benefit at a sum of $200 per week on top of what recipients would normally receive from states through September, slashing what they got from April through July.
In October, the 70 percent replacement would take effect to a maximum of $500 per week on top of what recipient would normally receive from states.
The proposal would send direct payments of $1,200 to individuals and $2,400 to couples. The same qualifications as the checks approved in March would be set.
The payments start to phase out at an average of $75,000 in income per person and individuals or couples making an average of $99,000 or more would no receive one.
The legislation would offer an additional $500 per dependent of any age.
“The administration and the Senate Republicans are completely on the same page,” Treasury Secretary Steven Mnuchin said about the plan Sunday on Fox News.
Economic adviser, Larry Kudlow promised on CNN’s State of the Union, “There’s a $1,200 check coming, that is going to be part of the new package.”
He called the packed “very well rounded.”
“The check is there, the reemployment bonus is there. The retention bonus is there,” Kudlow explained.
“There will be breaks, tax credits for small businesses and restaurants.”
In fact, the bill would set aside $190billion for Paycheck Protection Program loans.
It would allow small businesses with fewer than 300 employees that have seen revenue fall by more than 50 percent to apply for a second round of aid.
It the plan would also authorize $100billion for loans to seasonal businesses and companies in low-income Census tracts that can show revenue reduction of more than 50 percent.
The bill provides $105billion to help schools reopen in the fall, roughly $30billion of that amount would go to colleges.
McConnell, in outlining the plan, urged Democrats to come to an agreement quickly.
“The pandemic is not finished. The economic plan is not finished. So Congress cannot be finished either,” he said.
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