The Senate on Monday introduced the HEALS Act, the Republicans' new stimulus proposal that includes a second stimulus check worth up to $1,200. In addition, the legislation will renew enhanced unemployment assistance, though offering significantly less financial support than March's CARES Act. It will also pledge more than $100 billion to school reopening.
As expected, Senate Republicans propose a one-time, $1,200 stimulus check. As Treasury Secretary Steven Mnuchin indicated last week, the requirements to receive the second stimulus check will be the same as the first stimulus check under the Cares Act.
Senate Republicans propose to cut enhanced weekly unemployment benefits from $600 a week under the Cares Act. The lower weekly unemployment benefits are based on a 70% wage replacement, according to Sen. Chuck Grassley (R-IA), and could amount to about $200 a week. A 70% wage replacement means that a recipient of unemployment benefits could receive federal unemployment benefits that are no more than 70% of the recipient’s income when the recipient was last employed.
Sen. John Cornyn (R-TX) discussed liability protections as a central component of the stimulus proposal. While he didn’t discuss specifics, McConnell has said that businesses, hospitals and schools should receive five-years of liability protection, retroactive to 2019.
Republicans proposed to extend the Paycheck Protection Program (PPP), which is scheduled to stop taking applications on August 8. Sen. Susan Collins (R-ME) says that a small business with 300 or fewer employees could receive a second forgivable PPP loan if revenue has declined 50% or more due to the Covid-19 pandemic.
Among other funding priorities to fight Coronavirus, Senate Republicans propose $25 billion for Coronavirus testing and contact tracing. The $25 billion is equal to the $9 billion already authorized in a prior stimulus plus $16 billion of new spending.
Congress has until August 7 to reach a deal on the new stimulus when members leave for summer recess until September. House Democrats proposed $3 trillion for the Heroes Act (their proposed stimulus bill which hasn’t passed the Senate) and is more than double McConnell’s proposed legislation. Senate Republicans hold 53 seats in the U.S. Senate, and will need Democrats to secure a bipartisan stimulus package. If Congress does not finalize legislation in July or August, then the new stimulus could be delayed until after Labor Day.
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