July 29, 2020—On Monday, July 27, Senate Majority Leader Mitch McConnell shared a proposed new coronavirus relief plan, according to a story by CNBC.
The plan, entitled the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act, would give an additional $1,200 check to those who qualify. The proposed bill would also replaces the previous CARES Act’s $600 unemployment insurance, set to expire this week for most Americans, according to the report.
The proposed HEALS Act would put aside $190 billion to create another round of the Paycheck Protection Program loan program, according to the report.
Small businesses with fewer than 300 employees that have seen revenue drop by more than 50 percent will be eligible, even if they already received PPP money, in the proposed HEALS Act, according to CNBC. An additional $25 billion for loans would also be set aside for businesses with fewer than 10 employees.
The HEALS Act also aims to simplify the PPP process for small business owners with a provision that would allow small businesses to choose “a preferred 8-week period” through the end of 2020 during which they would use the PPP loan money, according to the report.
Under the HEALS Act, businesses will also be rewarded with a tax credit for 50 percent of coronavirus safety measures. For more information, read CNBC’s full story here. Negotiations on the stimulus plans continue. Stay tuned for more coverage.