First Draft of New COVID-19 Relief Bill – What to Know
The Senate Republicans proposed a revised COVID-19 relief package, adding more than 100 pages, that was ultimately denied Thursday, September 10th. The revised bill was aimed to target the most urgent needs facing Americans dealing with the pandemic.
Although the bill was denied, we outlined the bill’s structure to help direct what can be expected going forward.
Overview: Proposed Senate Republican COVID-19 Relief Package
- $20 billion in farm relief
- $500 million in fisheries aid
- $15 billion in state child care services for low-income families and to help daycare providers reopen.
- Expanding the use of education saving accounts to support parent’s funds for homeschooling
- Additional $300 weekly unemployment insurance benefits through December 27th
- $146 billion in Paycheck Protection Program money that has not been used will be allocated to smaller firms with economic hardship.
- $300 billion in relief payments, up to $1,200 per person, with additional funds for households with children.
- Increase in charitable deduction up to $300 for taxpayers who do not itemize, doubling for single filers, and allowing up to $1,200 in charitable write-offs for joint filers