Congress has been debating a fourth, and possibly final, stimulus package to help Americans and businesses survive the economic impact of the COVID-19 pandemic.
According to published reports, Senate Majority Leader Mitch McConnell is expected to reveal the Republican version of the next package today.
The House of Representatives passed the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act in May. McConnell is expected to reveal today what the Senate plan is.
Among things to look for:
- A second stimulus check. According to the AP, McConnell wants a second stimulus check of $1,200.
- Unemployment benefits or return-to-work bonus: According to the AP, Republicans are “leaning toward a proposal of $200 per week.
- Payroll tax cut: Treasury Secretary Steven Mnuchin told CNBC recently that a payroll tax cut wouldn’t be included. According to Forbes, Mnuchin said President Trump’s “preference is to make sure we send out direct payments quickly so that in August people get more money.”
- State and local aid: The AP is reporting Republicans plan to propose $105 billion to open schools and $15 billion for child care centers. Democrats are targeting $1 trillion for state and local aid, and $430 billion to open schools.
- The new package is expected to extend the Paycheck Protection Program, currently set to expire Aug. 8.
- Coronavirus testing: The AP says Republicans plan to proposed $25 billion for coronavirus testing.
McConnell is likely to introduce the stimulus package in multiple bills, rather than a single legislative proposal.