WASHINGTON — Senate Majority Leader Mitch McConnell on Thursday released the Republican proposal for a massive emergency coronavirus stimulus bill, which includes direct cash payments for some Americans.
The proposal, expected to cost around $1 trillion, 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 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.
The Republican proposal also includes emergency aid for small businesses and industries such as airline companies.
The GOP proposal would 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 rest, around $150 billion, would be for other industries.
The bill also calls for extending the tax filing deadline to July 15.
Originally Posted by BeerAndPoker
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