GOP coronavirus stimulus bill unveils $1,200 checks for public

Senate Republicans unveiled a massive stimulus bill Thursday to blunt the economic crash caused by the coronavirus, including large direct payments to millions of Americans.
The approximately $1 trillion package would give a $1,200 tax rebate to people who earned $75,000 or less last year.
The rebate gradually decreases for higher incomes and people earning more than $99,000 would get nothing — a slightly higher cap than anticipated.
Lower-income people would get less as well, with a minimum rebate of $600 if their income was at least $2,500. The 247-page bill also proposes a $500 per child rebate.
“Recovery checks of up to $1,200 will be put into the hands of most taxpayers, providing cash immediately to individuals and families,” the Senate Finance Committee said in a statement.
President Trump requested that the legislation include the direct payments to boost consumer purchasing. The White House requested two $1,000 waves of checks to all taxpayers, but some Republicans viewed the idea skeptically.
Republican senators told reporters earlier in the day that the rebates — often referred to as “checks” — likely would be transmitted electronically.
Some Republicans, including Sen. Lindsey Graham of South Carolina, objected to direct payments in favor of boosting unemployment insurance pay.
The package also includes $300 billion in small business loans, which would be forgiven if the firms don’t lay off workers.
Another $58 billion in loans would go to airlines suffering a demand plunge worse than after 9/11, with another $150 billion of loans and loan guarantees to other businesses.
Senate Majority Leader Mitch McConnell (R-Ky.) unveiled the package Thursday, but notably shared no specific figures on the Senate floor. He said the bill was a starting point for talks with Democrats.
“Bipartisan discussions must begin immediately and continue with urgency,” McConnell said. “We need to have the American people’s backs. This legislation is a significant next step and the Senate is not going anywhere until we take action.”
Shortly after the announcement, White House economist Larry Kudlow and legislative affairs director Eric Ueland arrived on Capitol Hill to meet with senators.
McConnell said “we look forward to meeting with our Democratic counterparts tomorrow.”
Senate Minority Leader Chuck Schumer (D-NY) has argued for the stimulus to focus on the unemployed. Many GOP senators also support a boost in temporary unemployment pay to people laid off as a result of local governments ordering businesses closed.
Schumer on Thursday also proposed a $400 billion Marshall Plan-style hospital funding boost.
On Thursday, the Senate voted 90-8 to pass another massive coronavirus response package that was crafted by Treasury Secretary Steve Mnuchin and House Speaker Nancy Pelosi (D-Calif.). That deal established free COVID-19 testing, massively boosted funds for states by increasing federal Medicaid payments and required many businesses to expand paid sick leave. It also included $1 billion in food aid and $1 billion in unemployment funds.
Early this month, Congress passed an initial $8.3 billion response package funding medical supplies, vaccine research, and government response efforts.