Thursday, Senate Majority Leader Mitch McConnell released a huge stimulus plan to prop up consumers, companies and local governments bending under the economic consequences of the world-wide coronavirus pandemic.
A centerpiece of the package is tax rebates to individuals of $1,200 and $2,400 for married couples. Rebates are completely phased out for taxpayers with incomes exceeding $99,000 for individuals or $198,000 for a couple.
The legislation also provides $208-B worth of loans for businesses suffering due to the coronavirus pandemic, including $58-B for the airline sector and $150-B for other distressed areas of the economy.
The money comes with some restrictions including a cap on salaries for executives at companies that get the money and a requirement that air service to certain destinations not be interrupted. It also caps severance pay for executives making more than $425,000 to 2X their Y 2019 pay.
Senator McConnell said he will immediately engage in discussion with Democrats, whose votes will be needed in both the Senate and House to pass the legislation and get it to President Trump for his signature.
“These are urgent discussions,” Senator McConnell said. “The Senate is not going anywhere until we take action.”
The plan will affect a wide swath of the economy
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