Senate Republicans will unveil their $1 trillion coronavirus relief package on Monday afternoon, as Federal eviction moratorium deadline is near and federal unemployment benefit expires.
Senate Majority Leader Mitch McConnell expected to release a $1 trillion pandemic relief proposal https://t.co/e0XAIxGRw2— Bloomberg Politics (@bpolitics) July 27, 2020
Faced with tight deadlines and struggles to present a stimulus recovery plan to aid millions of Americans who are badly hit by the pandemic, Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows spent the weekend on Capitol Hill prepping Senate GOP leadership staff on the details of the $1 trillion proposals.
The pressure is high on the Republicans side as the federal eviction moratorium that protected millions of American renters from eviction expired last July 24 and federal unemployment benefit enhancement, amounting to $600, is set to end on July 31, and no concrete relief package has been laid out.
The proposal might include the extension of just-expired expanded unemployment benefits which is subject to a substantial cut, a fresh round of $1,200 stimulus checks to American adults earning less than $75,000 in August and $105 billion in aid to schools and universities for re-opening plans. $16 billion more will fall on virus testing and tracing and it would include a second, more targeted round of forgivable loans from the Paycheck Protection Program for small businesses; and tax credits for businesses to help them with rehiring and reopening.
The $1.3 trillion packages for House Speaker Nancy Pelosi deemed to be not enough. She views the proposal as a way for the Republicans to answer the left and right deadlines for the first two assistance released. She said that no one will be going home unless a solid plan has been agreed on.
The proposal however was set to release last week, but according to people familiar with the situation, there has been some series of technical issues raised by the administration that caused the delays.