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GOP Unveils Coronavirus Plan To Include Second Stimulus Check, And Cuts In Unemployment Benefits

GOP Unveils Coronavirus Plan To Include Second Stimulus Check, And Cuts In Unemployment Benefits

GOP Unveils Coronavirus Plan To Include Second Stimulus Check, And Cuts In Unemployment Benefits

On Monday, Senate Republicans unveiled their $1 trillion economic relief plan that would provide a second round of $1,200 coronavirus stimulus payments to many American adults and slash enhanced federal unemployment payments from $600 a week to $200.

The release of the plan marked the start of negotiations that will involve House Democrats, who passed their own, more generous relief bill in the House in May that includes $1,200 checks and an extension of the $600 unemployment benefit. The Republican plan provides a new round of stimulus checks to many adults and $500 per dependent, regardless of age. The full amount would go to people with taxable annual incomes of up to $75,000. It would be gradually phased out for people with taxable income up to $99,000; those above that income level would be ineligible for payments.

On the $600 federal unemployment benefits that many laid-off workers have been relying for months, Republicans would cut the subsidy to $200 a week through September. After that, Republicans want states to be ready to set up a system in which the federal subsidy would not exceed 70% of the laid-off worker’s previous salary, with a cap of $500 a week.

The GOP plan also includes $100 billion for schools to either reopen or adapt to online instruction; a sequel to the popular Paycheck Protection Program targeting more vulnerable small businesses; and new tax incentives to encourage employers to bring employees back to work.

U.S. Republicans unveil coronavirus plan, slash emergency unemployment benefit

Via uk.reuters.com

Editorial credit: mark reinstein / Shutterstock.com

 

 

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