Second stimulus package officially unveiled. Here’s what to know

Senate Republicans introduced a second coronavirus relief package on Monday and their plan includes another round of stimulus checks, funding for schools and unemployment benefits.

The legislation is called the HEALS (Health, Economic Assistance, Liability Protection, and Schools) Act and features stimulus checks similar to the first round under the CARES Act with “more support” for families with adult dependents, according to Senate Majority leader Mitch McConnell.

“We have one foot in the pandemic and one foot in the recovery. The American people need more help,” McConnell said.

Senate Minority leader Chuck Schumer slammed the GOP legislation as “a series of small piecemeal ideas” that serves as a “metaphor for their first 100 days.”

“It will not ignore one or two or three but scores of major crises in America right now,” Schumer said, adding that it “won’t go nearly far enough.”

Treasury Secretary Steven Mnuchin confirmed last week that people who got a stimulus check the first time would receive another check.

House Democrats passed their own $3 trillion stimulus bill, called the Heroes Act on May 15, but it never received a vote in the Senate, according to Forbes. The bill from Democrats would have included a $1,200 stimulus check for each person, along with $1,200 for each dependent — an increase from the $500 for dependents allotted in the first CARES Act.

The Democrats’ bill would have also continued the $600 weekly unemployment benefits, which is currently set to expire on July 31 under the CARES Act, through January, Forbes reported.

Here are the details on the GOP-sponsored package.

Stimulus checks

People who got a $1,200 stimulus check under the CARES Act will get another check under the new stimulus bill, according to Sen. Chuck Grassley, a Republican from Iowa.

Americans who made up to $75,000 per year got a $1,200 stimulus check under the CARES Act in March, The Hill reported. The income cap was set at $99,000 and stimulus payments were scaled down from there. Joint filers who earned less than $150,000 received $2,400.

The HEALS Act also provides an additional $500 for each check for each dependent in the family, according to Grassley.

Unemployment benefits

The HEALS Act will replace 70 percent of what someone made before getting laid off, instead of the $600-a-week benefits under the first CARES Act, according to Grassley.

Grassley called the new proposal a “much more responsible approach.”

The $600-per-week unemployment benefits from the first CARES Act will begin to expire on Saturday.

There will also be expanded access to employment and work opportunity tax credits, as well as a new credit for business expenses like cleaning and PPE fees, according to Grassley.

Payroll Protection Program loans

Paycheck Protection Program (PPP) gives loans to small businesses in order to keep workers employed who would have otherwise lost their jobs.

The new legislation includes a sequel to PPP, which will provide small businesses with provisions, including plexiglass and more outdoor seating during the pandemic, according to Sen. Susan Collins, a Republican from Maine.

The loans will apply to businesses with 300 or fewer employees, according to Collins.

School funding

Sen. Lamar Alexander, a Republican from Tennessee, introduced legislation called the Safely Back to School Act.

The proposal provides scholarships to encourage students to go back to school, according to Alexander.

The legislation would also allot $70 billion for K-12 schools and around $30 billion to colleges. Two-thirds of the funding would go to schools where students are engaged in in-person learning.

The bill would also help working moms find childcare so they can return to work, according to Alexander.

Healthcare

The new legislation relaxes Medicare loans and will ensure that Medicare options don’t expire before Congress establishes a permanent plan, according to Grassley.

The HEALs Act also extends the time in which governments can use the $150 billion allotted under the CARES Act, Grassley said.

This story was originally published July 27, 2020 at 6:02 PM with the headline "Second stimulus package officially unveiled. Here’s what to know."