Senate Majority Leader Mitch McConnell on Thursday evening introduced the coronavirus economic rescue legislative package.
The plan largely reflects the proposal outlined earlier by Breitbart news.
Cash for Taxpayers. The direct cash payments go to taxpayers based on 2018 tax returns. Individuals will receive up to $1,200, with the amount scaling down for individuals earning $75,000 or more. Those earning more than $99,000 will be ineligible.
More for Families. Married couples will get up to $2,400 and an additional $500 for every child. Payments decline after $150,000 of income, with the cap placed at $200,000.
Small Business Support. $300 billion for loan guarantees for small businesses.
Loan Guarantees for Airlines. $50 billion in loan guarantees for passenger airlines and $8 billion for air cargo shippers.
Other Business Sectors Hurt by Coronavirus. $150 billion for other businesses in areas or sectors hurt by the coronavirus, which is pretty much everyone and everywhere now.
The bill will be negotiated with Democrats, who want to attach conditions on the aid to businesses. Some Republicans may also try to change the income caps, pointing out that these are based on 2018’s reported income, which would necessarily not reflect the negative impact of the China-bred pandemic.
Author: John Carney