Senate Republicans are set to introduce a new plan for $1,200 stimulus checks, and it could set up a procedural vote as soon as this week.
New relief package
Senate Majority Leader Mitch McConnell confirmed the news on September 8, explaining that Republicans are introducing a new targeted proposal that is aimed at helping those affected by the coronavirus pandemic.
McConnell stated that despite not including every idea that the party likes, the new plan focuses on urgent healthcare, education, and economic issues, which all suffered during the height of the pandemic.
The senator then went on to insist that he will be moving immediately to set up a floor vote as soon as this week. He also took the change to slam Democrats Chuck Schumer and Nancy Pelosi for blocking the previously proposed stimulus package that the Republicans have written.
In a series of tweets, the senator wrote that Senate Republicans have been trying for months to deliver more COVID-19 relief to American families. He added that Speaker Pelosi and Leader Schumer had blocked them at every turn.
"Every action has suggested they simply do not want families to get any more bipartisan help before the election," he wrote on his official Twitter account.
A day ago, the House Speaker blasted Republicans who are refusing to lift a finger for the coronavirus check deal.
Democrats and Republicans had not settled on several issues, including the cost of the package, when Congress adjourned for a summer break last month, accrding to VOX.
Lawmakers are due to return from recess, leaving many Americans hopeful that a bill similar to the Cares package and anther round of $1,200 stimulus check will get approval by the end of this week, and the distribution will start at the end of this month.
In March, the CARES plan created by the Republican senate was passed. There were key provisions included in the bill and what it meant for American taxpayers, according to Forbes.
Americans who paid taxes received a one-time direct deposit of $1,200, and married couples received $2,400 plus an additional $500 per child. The payments were available for incomes up to $75,000 for individuals and $150,000 for married couples.
For the unemployed, the program gave $250 billion for an extended unemployment insurance program and expanded eligibility and offered workers an additional $600 per week for four months, on top what state programs pay.
The program also extends UI benefits through Dec.31, 2020, for eligible workers. The deal applies to the self-employed, independent contractors, and gig economy workers.
As for the payroll taxes, the measure allows employers to delay the payment of their portion of 2020 payroll taxes until 2021 and 2022.
For the retirement funds, the bill waived a 10% early withdrawal penalty for distributions of up to $100,000 for coronavirus-related purposes, retroactive to January 1, 2021. Withdrawals are still taxed, but taxes are spread over three years, or the taxpayers have the three-year period to roll it back over.
For small business relief, $350 billion was dedicated to preventing layoffs and business closures since workers had to stay home during the outbreak.
Companies with 500 employees or fewer that maintain their payroll during coronavirus got up to 9 weeks of cash-flow assistance.
The employers who maintained payroll had their interests on mortgage obligations, rent, and utilities forgiven as long as they used portion o the load for payroll costs.
Related Article: Second Stimulus Check Update: Taxation and Mode of Distribution