Senate Majority Leader Mitch McConnell (R-Ky.) announced the Health, Economic Assistance, Liability Protection and Schools, or HEALS, Act Monday night, the upper chamber’s long-awaited coronavirus stimulus package. The $1 trillion bill includes an extra $200 per week in unemployment insurance, down from $600 in the earlier CARES Act, and more money for schools, among other measures.
The bill also proposes a second $1,200 economic impact payment. The second round of checks will follow the same eligibility formula as the first round, according to a memo from the Senate Finance Committee: Qualifying individuals earning a gross adjusted income up to $75,000 per year in 2019, and couples earning $150,000, will receive the full $1,200 or $2,400, respectively. From there, the checks will be reduced by $5 for every $100 in income, phasing out completely at $99,000 and $198,000.
Individuals who have no income and those whose income comes from programs such as SSI benefits are still eligible for the full rebate amount.
CNBC Contributor, Jim Iuorio, reviews the republican stimulus plan with Dan & Amy: