Senate finally offers plan for next stimulus

Does hEalS proposal go far enough to make a difference on economy?

Finally, the Senate Republicans have unveiled their next stimulus package proposal, and it’s a hefty one.

The $1 trillion proposal is smaller than the $3 trillion stimulus bill proposed in May by the House – but still, $1 trillion is a lot of money.

The Senate package is called the HEALS (the Health, Economic Assistance, Liability Protection and Schools) proposal, and according to reports on CNN, Forbes and Fox, it would tackle a variety of issues.

It includes a second round of direct stimulus payments worth up to $1,200 for individuals, with an additional $500 per dependent.

It would also extend the federal unemployment benefits, but at $200 a week, as opposed to the $600 in the first package. However, at some point, that $200 would shift a bit. The payment would be replaced with an amount of money that, when combined with state unemployment benefits, equals 70% of the person’s lost income.

In addition, some small businesses would be able to apply for a second loan from the Paycheck Protection Program, and HEALS expands how the money can be used.

The proposal also calls for education funds to help schools and funding for coronavirus testing and contact tracing.

It also would freeze Medicare premiums, and extend liability shields for businesses facing COVID-19 lawsuits.

It also includes funding for the agriculture industry, the military, and a new FBI building.

Congress adjourns for a month-long recess on Aug. 7, and the current unemployment benefits under the CARES Act – the $600 a week payments – expired at the end of July.

The Senate should have rolled something out weeks ago. It’s unfortunate that it took this long to get something on the table.

But ideally, whatever bill is passed should focus solely on COVID-19 – whether it’s stimulus dollars to help Americans, funding for businesses, or money for schools, vaccine development and testing.

At the moment, one of the biggest issues is how to address unemployment assistance. The House proposal would extend the $600 a week from the CARES Act, while the Senate would initially offer $200 a week, then slide that scale to match 70% of lost wages when added to the benefits offered by the state.

What do you think, Yuma? Is the Senate on the right track with the HEALS proposal? And what’s the right solution on the unemployment benefits?

Let us know. Share your thoughts – send in a Letter to the Editor at letters@yumasun.com.