With a good deal of coronavirus relief needed, Senate Majority Leader Mitch McConnnell just unveiled the Republican’s relief plan.
Some of the top proposals – as highlighted by CNBC – include:
- It would set enhanced federal unemployment insurance at 70% of a worker’s previous wages, replacing the $600 per week which states stopped paying out this week.
- The GOP 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% replacement would take effect up to a maximum of $500 per week.
- The proposal would send direct payments of $1,200 and $2,400 to individuals and couples, respectively. It would set the same qualifications as the checks approved in March: the payments started 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 did not receive one. It would offer an additional $500 per dependent of any age.
- It would set aside $190 billion for Paycheck Protection Program loans. The bill would allow small businesses with fewer than 300 employees that have seen revenue fall by more than 50% to apply for a second round of aid. It would also authorize $100 billion for loans to seasonal businesses and companies in low-income Census tracts that can show revenue reduction of more than 50%.
However, it may be an uphill battle to get such proposals through.
According to Nancy Pelosi, the proposal is “pathetic” and “It isn’t serious.”
The post Here’s What’s in the Senate’s Coronavirus Relief Package appeared first on Morningology.
