Senate Republicans to Unveil $1 Trillion Stimulus Proposal
Later tonight, Senate Republicans are expected to release their $1 trillion coronavirus relief package, which includes a cut of $400 to enhanced federal unemployment benefits. The GOP proposal will be called the HEALS Act, an acronym for Health, Economic Assistance, Liability Protection and Schools.
Republicans are, just on Monday, releasing their opening bid, which President Trump's administration is already moving away from in order to pitch a scaled-back proposal Democrats have already rejected.
Hard-fought negotiations are expected ahead given that Democrats and Republicans are far away from each other in terms of both topline numbers as well as specifics in their proposals. Democrats are already unified behind their own opening offer -- a $3 trillion proposal that passed the House back in May.
Below is a rundown of what is in the GOP proposal, according to people briefed on it:
- Second round of direct payments
- Some form of an extension, at a reduced rate, to the federal enhanced unemployment benefit
- Second round of Paycheck Protection Program loans, targeted toward the hardest hit small businesses based on lost revenue and expanded to include more flexibility to forgive money used for operational and supplier costs
- $105 billion in education funds, split as $70 billion for K-12, $30 billion for colleges/universities, $5 billion for governors to utilize
- $16 billion in new funds for state testing grants, plus an administration commitment to designate $9 billion in unused funds from the CARES Act (making the total $25 billion)
- $26 billion for vaccine research and distribution
- $15.5 billion for the National Institute of Health
- Increased flexibility and time window for states to utilize initial CARES Act funds, but no explicit new funds
- Liability protections to create a safe harbor for businesses, schools, health care providers and nonprofits
- Enhanced employee retention tax credit
- Deductions for employer purchases of testing, PPE and other supplies
- Increase in business meal deduction to 100%, from 50%
- Extension of federal eviction moratorium.
Take one minute to urge Illinois' Congressional leaders to support restaurants and employees by passing the Blueprint for Restaurant Revival.