Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
Senate Majority Leader Mitch McConnell. Photo: Mandel Ngan/AFP via Getty Images
Senate Majority Leader Mitch McConnell's proposal for a "Phase 3" stimulus package in response to the coronavirus outbreak includes cash payments to many Americans and billions for small and large businesses.
Why it matters: The plan would be part of one of the largest and most expensive stimulus packages in American history.
Details:
Individual payments:
- The plan includes direct payments of $1,200 to individual Americans making less than $75,000 annually, and $2,400 for eligible married couples making less than $150,000 combined, with an additional $500 for every child.
- The amount of money is reduced by $5 for every $100 that a person earns over $75,000, so Americans earning more than $99,000 will get nothing.
- Income levels, marital status, and number of children would be based on 2018 tax filings.
Businesses and corporate loans:
- $50 billion in loan guarantees for passenger air carriers.
- $8 billion for cargo air carriers.
- $150 billion for other large businesses.
- $300 billion for small businesses.
Delays filing deadline for tax returns:
- Extends the April 15 filing date to July 15.
Retirement funds:
- Waives penalties for early withdrawal from qualified retirement accounts for coronavirus-related purposes of up to $100,000.
Education loans:
- Enables the Secretary of Education to defer student loan payments.
- Allows students who were forced to drop out of school due to coronavirus to keep their Pell grants.
- Gives colleges and universities flexibility to continue work-study payments to students who cannot work due to coronavirus closures.
What's next:
Negotiations between McConnell, Senate Minority Leader Chuck Schumer (who has his own plan), and Treasury Secretary Steven Mnuchin will now kick into gear.
- McConnell pledged Thursday that the Senate would not return to their home states until the new legislation is passed.
- "We need to take bold and swift action as soon as possible," he said. "The Senate is not going anywhere until we take action."