The Republican proposal also includes emergency aid for small businesses and industries such as airline companies.
On Thursday, Senate Majority Leader Mitch McConnell released the $1 trillion Republican proposal for a massive emergency coronavirus stimulus bill, which includes direct cash payments for many Americans, as well as financial relief to small businesses and airline companies who have been affected by the pandemic. The bill also calls for extending the tax filing deadline to July 15th.
According to NBC News, the proposal calls for direct payments on a tiered scale. Individuals making $75,000 based on a 2018 tax return would be eligible for $1,200 payments or $2,400 for couples filing jointly. The payments would decrease for those making more than $75,000, with an income cap of $99,000 per individual or $198,000 for couples. The payments would also increase $500 for each child a person or couple has. However, taxpayers with little or no income tax liability but who have at least $2,500 of qualifying income would be eligible for only $600 or $1,200 for couples. The direct deposits appear to be just a one-time payment rather than two payments, as initially proposed by the White House.
In addition to helping out individuals, the proposal is looking to provide $208 billion for loans or loan guarantees to air carriers and other distressed industries but no more than $50 billion for passenger air carriers and $8 billion for cargo air carriers. The remaining approximate $150 billion would be used for other industries in financial strains due to the crisis.
The proposal will likely undergo several amendments as negotiations with Democrats begin.
