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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."

Read the plan.

Go deeper

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57 mins ago - Health

What overwhelmed hospitals look like

A healthcare professional suits up to enter a COVID-19 patient's room in the ICU at Van Wert County Hospital in Ohio. Photo: Megan Jelinger/AFP

Utah doctors are doing what they say is the equivalent of rationing care. Intensive care beds in Minnesota are nearly full. And the country overall continues to break hospitalization records — all as millions of Americans travel to spend Thanksgiving with friends and family.

Why it matters: America's health care workers are exhausted, and the sickest coronavirus patients aren't receiving the kind of care that could make the difference between living and dying.

Felix Salmon, author of Capital
1 hour ago - Economy & Business

Southwest CEO: "You should fly"

The official guidance of the CDC says that "postponing travel and staying home is the best way to protect yourself and others this year."

  • Southwest Airlines CEO Gary Kelly, however, took the opposing position when he was interviewed by "Axios on HBO." "You should fly," he told me, adding that "we need to have as much commerce and business and movement as is safe to do."

Cárdenas: Democrats need to be more "culturally competent" to win

Photo: Paul Morigi via Getty Images

Rep. Tony Cárdenas (D-Calif.), who's running for chair of the Democratic Congressional Campaign Committee, told "Axios on HBO" that the DCCC needs to change "overnight" and his colleagues need to be more "culturally competent" if they want to be successful in the next election.

Why it matters: House Democrats are confronting what went wrong and what their party needs to change after they failed to expand their House majority and President Trump expanded his support among Latino voters.