CHARLESTON, W.Va. — Republican leaders in the U.S. Senate unveiled Thursday their proposal for a third coronavirus bill, which includes payments of up to $1,200 to most taxpayers and loans to various businesses.
“Phase 3” of coronavirus legislation comes on the heels of the Families First Coronavirus Response Act, which includes free coronavirus tests, the expansion of unemployment benefits and paid sick leave for some workers. President Donald Trump signed the bill on Wednesday.
The latest measure features recovery rebates of up to $1,200 for individuals and $2,400 for married couples. People with children can receive $500 per child. Individuals who make more than $75,000 annually will have their rebate amount reduced by $5 for every $100 exceeding the threshold. Individuals earning more than $99,000 will not be eligible for these checks.
The legislation also dedicates $208 billion in collateralized loans and guarantees to industries and corporations significantly affected by the coronavirus pandemic, such as airline companies. Small businesses would be eligible for a $300 billion economic relief fund.
Senate Majority Leader Mitch McConnell, R-Ky., previously told senators that they should stay in Washington, D.C. until a measure is passed.
“Yes, it will help position our economy to thrive once again after this public health menace is behind us. This may not be the last economic legislation we pursue,” he said Thursday on the floor. “Fundamentally, we have to beat back this virus.”
The Coronavirus Aid, Relief and Economic Security Act would also dedicate around $1.3 billion to community health centers for testing and treating patients, reauthorize grant programs for telehealth technologies, and require drug manufacturers and medical device manufacturers to provide additional information if there is a disruption in supply.
Education Secretary Betsy DeVos would also be allowed to defer student loan payments and interest for three months.
Sen. Joe Manchin, D-W.Va., spoke to reporters before the legislative package was unveiled. He said the measure should provide financial resources to individuals and small businesses first.
“I’m saying that not to disparage the large corporations and all that, but they have gotten so much relief and so much help in so many different ways — especially through the last big tax break that the Trump administration had given — that we want to make sure that if those large corporations need assistance, it’ll be in the form of a loan.”
Manchin said senators are discussing how to provide relief to small businesses.
“We’re going to make sure they have access to capital that would help them stay afloat in the form of a stimulus package and low-interest loans if need be,” he said.
Manchin also touched on the health needs facing the state; he noted 90 people contacted his office Thursday about needing a coronavirus test but unable to receive one.
“The population is more at risk in West Virginia. That’s because of our age, that’s because of the illnesses the people younger than 60 have, which is pulmonary,” he said. ” I’m raising Cain about having respirators and ventilators. We don’t have nearly enough, and we’re doing everything we can to raise the profile of West Virginia.”
House Speaker Nancy Pelosi, D-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y., began reviewing the Republican proposal Thursday. They criticized the plan for being “not at all pro-worker and instead puts corporations way ahead of workers.