Senate Majority Leader Mitch McConnell (R-KY) introduced a $1 trillion emergency economic aid proposal to address the economic fallout from the coronavirus outbreak pandemic.
The Coronavirus Aid, Relief, and Economic Security Act or “phase three” bill unveiled Thursday afternoon includes four major components: “direct financial help” for Americans, “rapid relief” for small businesses, “significant steps to stabilize our economy” and “more support” for health-care professionals and patients.
At the heart of the $1 Trillion dollar proposal is hundreds of billions of dollars directed toward “recovery rebates” of up to $1,200 for most individuals who reported less than $75,000 on their 2018 tax returns, or $2,400 per couple who filed their taxes jointly and made less than $150,000. Another $500 would be added for every dependent child. Low-income Americans with at least $2,500 of qualified income get a smaller benefit of $600, or $1,200 for couples.