On Monday July 27th, the Senate unveils coronavirus relief plan with a 70% wage replacement for extended unemployment benefits and a second stimulus check of $1,200 per adult or $2,400 per couple and $500 for each dependent. The act is being coined the HEALS act – Health, Economic Assistance, Liability Protection and Schools.
As the Senate Unveils Coronavirus Relief Plan, remember this is not final. Right now The HEALS ACT includes:
- Direct payments of $1,200 per individual and $2,400 per couple in the form of a second stimulus check. Same qualifications as the checks approved in March and will not be sent to couples or individuals making more than $99,000 per year. Under the HEALS Act, individuals would receive an additional $500 for each dependent (of any age) under their care.
- Unemployment Insurance Benefits: 70% of a worker’s previous wages, replacing the $600 per week that stopped this week. Starting now, $200 per week on top of what recipients normally receive from States through September. In October, the new payments will start up to a maximum of $500 per week.
- Businesses, doctors and schools will be shielded from lawsuits, except for “gross negligence” or “willful misconduct”.
- $190 billion is earmarked for The Paycheck Protection Program loans program. Small businesses with fewer than 300 employees with revenue that has fallen more than 50% will qualify. Also $100 billion is for seasonal and low-income companies with revenue reduction of more than 50%.
- $150 billion to help school reopen in the fall. $30 billion will be set aside for Colleges.
- $16 billion to boost States Covid-19 testing capacity.
- $26 billion toward Covid-19 vaccines.
- 100% deductability of business meals.
- Includes enhanced employee retention credit, upgrades to workplaces and testing to help businesses operate.
- $1.75 billion for a new FBI headquarters.
As the Senate unveils coronavirus relief plan coined the HEALS Act, Democrats, who in May passed a $3 trillion plan, will most likely look to make changes. The economy continues to struggle as the unemployment rate, even with two strong months of job gains, sat at 11% in June. Now with increased cases of Covid-19, many States are pausing or rolling back their restarts.
Since the beginning of the pandemic Congress has approved more than $2.5 trillion in spending this year. We will update as the Senate Unveils Coronavirus Relief Plan going forward.
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