One item that is consistent in both proposals: Economic Impact Payments, commonly known as stimulus checks.
The stimulus bill – the fifth since the pandemic began in March – is likely the last economic rescue package before the November election.
Highlight: “It’s super frustrating that at this late date there are proposals… being surfaced that rely on state administrative capacity and UI systems that we all know does not exist,” @EconomicPolicy Research Director @joshbivens_DC says about extending unemployment benefits. pic.twitter.com/a3HAlQdCXW— Yahoo Finance (@YahooFinance) July 27, 2020
How much would another stimulus check be?
Another round of $1,200 checks for individuals and $2,400 for couples are included in the HEALS Act, similar to the CARES Act.
The proposal from Senate Republicans will include the additional $500 for each dependent and will be expanded from just children to cover dependents of any age.
When could I get another stimulus check?
The speed of which Americans could get this Economic Impact Payment depends on Senate Republicans negotiations with House Democrats. However, Treasury Secretary Steve Mnuchin said he wants to finalize legislation by July 31.
The Treasury said in early June that approximately 159 million payments have been sent to Americans – falling short of the estimated 171 million stimulus checks in total to be distributed. Since then, less than 1.5 million payments have been sent.
Who could qualify for this stimulus check?
The income criteria for the next round of economic impact payments would be the same as stipulated under the CARES Act. Under the HEALS Act, full payments would be made to individuals with up to $75,000 in adjusted gross income, or $150,000 for married couples who filed their taxes jointly.
The Internal Revenue Service will make the assessment from the latest filed tax returns. Those who did not file taxes for 2018 or 2019, they can still submit their payment information to the IRS here.
The Republican leadership of the U.S. Senate has introduced its proposal for the next coronavirus relief package, a $1 trillion plan called the Heals Act.
Below is a look at how it compares with the Heroes Act that passed the Democratic-controlled House of Representatives in May:
UNEMPLOYMENT BENEFITS
Republican plan: Would reduce the expanded unemployment benefit from the current $600 per week, which expires on Friday, to $200 a week, in addition to state unemployment benefits, and extend the program for two more months. After that, states are to pay employees about 70% of the income they had before they lost their jobs.
Democratic plan: Extends weekly enhanced unemployment payments of $600 through January 2021.
DIRECT PAYMENTS
Senate Republican plan Includes $1,200 per individual; Senate Majority Leader Mitch McConnell promised “even more support for families who care for vulnerable adult dependents.”
Democratic plan: $1,200 per family member, up to $6,000 per household.
LIABILITY PROTECTION:
Republican plan: Includes as one of its core proposals measures to protect businesses and institutions from coronavirus-related lawsuits if they are following government guidelines.
Democratic plan: did not include anything on this and Democratic leaders have pushed back against the idea.
SCHOOLS
Republican plan Includes $70 billion for helping schools to reopen and $30 billion for colleges and universities.
Democratic plan: $100 billion to support the educational needs of states, school districts, and institutions of higher education in response to coronavirus.
TESTING, CONTACT TRACING AND TREATMENT
Republican plan: $16 billion for coronavirus testing; $25 billion for hospitals.
Democratic plan: $75 billion for testing, tracing and isolation measures, and to support hospitals and healthcare providers and ensure free access to treatment for individuals.
PAYCHECK PROTECTION PROGRAM
Democratic plan: Gives small businesses more flexibility with how they use loans from this program (previously they were required to use 75% for payroll expenses, or be forced to pay it back as a loan)
Republican plan: Would allow the hardest-hit smallest employers, whose revenue has declined by 50% or more, to get a second forgivable loan under the program. To qualify, businesses must have 300 or fewer employees.
STATE AND LOCAL GOVERNMENTS
Democratic plan: Nearly $1 trillion in aid to the state, local, territorial and tribal governments to help pay first responders, healthcare workers, and teachers.
Republican plan: Does not include new money, but Republicans said it would give state and local leaders more flexibility in spending the $150 billion passed into law in March.