Senate Majority Leader Mitch McConnell spoke on the Senate floor to outline the GOP proposal for the third coronavirus bill.
The proposal focuses on small businesses, direct financial help for Americans, help for impacted industries and boosting the public health response to the coronavirus.
Per CBS News, Senate Majority Leader Mitch McConnell laid out “four pillars” of a massive spending package to address the economic fallout from the coronavirus outbreak, the third phase of the legislative response to the pandemic that has killed thousands around the world and tanked financial markets.
While the details remain in flux, the “phase three” package is expected to cost upwards of $1 trillion and include direct cash payments to every American.
McConnell explained Senate Republicans’ approach to the legislation in a speech on the Senate floor Thursday morning. He said the package will include relief for small businesses, cash assistance for taxpayers, loans to businesses in major industries and resources to combat the virus itself.
TheHill reports Senate Republicans are finalizing their proposal for the third tranche of coronavirus aid, which is expected to be unveiled Thursday.
Senate Majority Leader Mitch McConnell (R-Ky.), speaking from the Senate floor, outlined what will be included in the Republican package and said lawmakers must take “bold steps” amid the growing outbreak.
“It is critical that we move swiftly and boldly to begin to stabilize our economy, preserve Americans’ jobs, get money to workers and families and keep up our fight on the health front. That is exactly, exactly what our proposal will do,” McConnell said.
“These are not ordinary policies. This is no ordinary time,” he added.
The GOP proposal focuses on four areas: small businesses; direct financial help for Americans; help for impacted industries; and boosting the public health response to the coronavirus.
For small businesses, McConnell said the GOP proposal will include “hundreds of billions” in loans to help “address the immediate cash-flow problems.” The GOP proposal is expected to forgive the portion of loans that go toward paying workers or other payments like rent.
The overall goal is to “get cash to small business [as] fast & easy as possible so they don’t have to lay people off,” tweeted Sen. Marco Rubio (R-Fla.), who is spearheading the Senate GOP’s deliberations on business aid. “If they use it for that purpose doesn’t have to be paid back.”
The GOP plan will include additional tax relief for businesses to try to help them maintain their payroll while firms are closed or restricted in response to the coronavirus.
The legislation is also expected to provide direct cash assistance to some Americans. Republicans are considering putting an income cap on who would get the cash assistance —$75,000 for an individual and $150,000 for a couple.