Individual taxpayers and families would get checks of up to $1,200 or $2,400, depending on income.
The $1 trillion proposal Senate Republicans unveiled Thursday night represents one of the most dramatic bailouts in American history, picking winners and losers during one of the worst economic crises in decades.
While the total should satisfy airlines, the industry had wanted half to be grants, rather than loans.A pot of $300 billion would be devoted to pumping cash to small businesses in the form of “loans” employers wouldn’t have to pay back as long as they maintain their payrolls during the emergency. Those rules would be retroactive to March 1, to entice employers to rehire workers who have already been laid off this month.
Besides a boost for hospitals, the measure Republicans have pitched would help prop up the rest of the U.S. health care system as the virus rages, including sending more than $1.3 billion to community health centers, allowing labs to develop emergency tests and forcing insurers to cover vaccines.The measure would fix a mistake in the 2017 tax law that keeps restaurants, hotels and stores from immediately writing off certain renovation costs.
Faster reimbursements would go out to business owners forced to give workers paid time off during the outbreak. Instead of making employers wait to receive tax credits, they would be able to deduct anticipated credits from their normal filings or get a direct credit in advance.The bill provides some relief for students receiving financial aid. Students would not have to repay their student loans or Pell Grants if they drop out in the middle of the semester because of the coronavirus.
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