Bipartisan Group of House Lawmakers to Unveil New $1.5 Trillion COVID-19 Relief Package
A bipartisan group of lawmakers in the House have banded to together to propose a $1.5 trillion stimulus package to help float the economy as the coronavirus pandemic forces businesses to stay closed and unemployment to remain high.
The bill is likely to be Congress’s final attempt to provide financial relief to the American people before November’s presidential election.
- A second round of $1,200 cash payments plus an additional $500 per child, which has near-universal support
- A renewal of federal Pandemic Unemployment Assistance at $450 per week for 8 weeks followed by a capped increase to $600 per week for 5 weeks for people that cannot return to work due to the coronavirus
- $500 billion to state and local governments
- $130 billion for schools
- $25 billion in rental and mortage payment assistance
- $15 billion in emergency funding for the battered United States Postal Service
- $100 for COVID-19 testing, tracing, and public health initiatives
- Additional funding for the Paycheck Protection Program, which has kept small businesses alive
- An extension of the 2020 Census deadline
- Additional funding for the election
“We can’t afford to do nothing until the next inauguration,” Congressman Josh Gottheimer (D-NJ), who co-chairs the House Problem Solvers Caucus alongside New York Republican Tom Reed, told CNBC on Tuesday morning. “So we figured out a way – and it’s just a framework – to hopefully get the negotiators back to the table.”
Shortly after she her office was informed of the proposal, House Speaker Nancy Pelosi (D-CA) told the House Democratic Caucus in a conference call that she is extending the House’s current session until both parties come to an agreement.
“We have to stay here until we have a bill,” Pelosi said.