This is The New Republican Coronavirus Relief Deal

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Foolnews reports: “It’s been a long time coming, but on Monday, Senate Majority Leader Mitch McConnell unveiled the stimulus package Republican lawmakers have been working furiously to hammer out. Called the HEALS (Health, Economic, Assistance, Liability Protection, and Schools) Act, the bill includes a number of key provisions that could prove instrumental in getting Americans through the ongoing recession. Here are some of its highlights.”

1. Direct stimulus payments are part of the package

“Like the CARES Act, the HEALS Act calls for direct stimulus payments in the amount of $1,200 per person. Single tax filers with an income of up to $75,000 and couples with a joint income of up to $150,000 are eligible for a full stimulus, but above these levels, those payments will start to phase out. The HEALS Act also provides an additional $500 per dependent.””

2. Unemployment benefits will get a boost — but a less generous one

“Under the CARES Act, jobless Americans have been privy to an additional $600 a week on top of their regular unemployment benefit. As such, many have managed to replace their lost wages in full in the course of the pandemic. Extending that $600 boost past July 31 — its expiration date under the CARES Act — has been a sticking point with lawmakers for weeks. Some have argued that the $600 has been problematic because it’s given lots of jobless people a raise compared to what they earned previously. And also, it’s been said that extending the $600 boost will disincentivize workers to return to a job once that possibility presents itself. As such, the HEALS Act does look to boost unemployment, but by a much less substantial figure: just $200 a week. The goal here is to replace 70% of a typical worker’s previous wages, not 100% (or more).”

 

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