Congress Eyes a Second Round of Stimulus Checks

This week, Senate Republicans unveiled their stimulus plan, dubbed the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act.

The cost is a staggering $1,000,000,000,000 ($1 trillion).

Here’s a quick run down.

Stimulus checks

The Act proposes payments of $1,200 for individuals and $2,400 for couples, which begins to phase out at incomes of $75,000 and $150,000, respectively.

Taxpayers would also receive $500 for each dependent. However, unlike the first round of payments, this time it would not be limited to children under the age of 17.

That means taxpayers could receive the extra $500 for college students and adult children.

Unemployment

Unemployment insurance would be cut from $600 to $200 per week until September.

Then beginning October 1st, an unemployed worker would receive up to 70% of their previous wages, capped at $500 per week.

PPP loans

The bill would allow some businesses to apply for a second loan through the paycheck protection program.

The second loan would be allowed only for those businesses who employ fewer than 300 people and can show at least a 50% reduction in gross receipts for the 1st and 2nd quarter of  2020 as compared with 2019.

IRS funding

The bill would provide $2 billion over four years to modernize IRS business systems.

Child care

The bill also provides $15 billion for child care, which includes $5 billion for child-care providers and back to work child-care grants.

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