Earlier this week, Senate Republicans unveiled another coronavirus relief package, and there’s certain to be negotiations that take place with the Democrat-majority House of Representatives over the coming days and weeks before it goes to vote and lands itself on the President’s desk.
Quite frankly, swift action could be crucial, especially as the pandemic continues to rage across the United States. When it does pass, it’ll be the fourth coronavirus stimulus package since this whole thing started back in March. Before we get into some of the major parts of this package, it’s first worth it to note two things:
First, the enhanced unemployment benefit of $600 extra dollars per week for those who suffered job loss as a result of the pandemic has now expired.
Second, the Democrat-controlled House of Representatives unveiled its HEROES Act proposal several months ago anticipating that this fourth package would be necessary.
Now, let’s get into the details.
1. Unemployment Benefits Would Continue at a Reduced Amount
While the $600 extra per week will not continue, the GOP plan calls for a 70 percent wage reimbursement for those who still remain out of work because of the pandemic. This essentially means that out of work Americans would be eligible to receive up to 70 percent of their salary while they’re laid off.
2. More Stimulus Checks
The GOP plan also calls for another round of stimulus payments, and qualifications are similar to what was passed under the CARES Act in March. For review, this means that individuals would be eligible for up to $1,200 and couples filing jointly $2,400 if they meet annual earnings requirements.
Specifically, Americans earning less than $75,000 would be eligible for the full amount, and Americans making up to $99,000 in annual salary would be eligible for lesser amounts the higher their income. Any dependents would account for an extra $500.
3. More Money for PPP Loans
Nearly $200 billion would be set aside for an additional round of Paycheck Protection Plan forgivable loans. Seasonal businesses and small businesses that have seen revenue decline by more than 50 percent since the pandemic started would be specifically targeted with this part of the package.
4. Money for School Reopenings
More than $100 billion would go toward helping schools and colleges reopen safely in the fall. About $30 billion would go to colleges and universities, and the rest would be dispersed to school districts in order to help keep teachers and students safe in the classrooms.
5. Money Toward COVID-19 Testing, Medical Research
Finally, the last major point of this package that’s worth covering is the $26 billion and $16 billion, respectively, that would go toward vaccine development and testing capacity. The experts agree that until a vaccine is developed, proven safe and effective, and made available on a widespread basis, the best way to contain the virus is via mass testing and identifying cases before they become large outbreaks.
