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.”