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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

7 mins ago - Sports

Robot umpires inch closer to calling MLB games

The Automated Ball-Strike system (ABS), the tech powering what's colloquially known as robo-umps, is inching ever closer to the big leagues.

Driving the news: The independent Atlantic League — which has partnered with MLB since 2019 — last week announced it was doing away with robo-umps after testing them for the past season-and-a-half.

FBI conducts "court-authorized" search of Rep. Henry Cuellar's home

Rep. Henry Cuellar. Photo: Kevin Dietsch/Getty Images

The FBI said it conducted a "court-authorized" search on Wednesday in the area of the Texas home of Rep. Henry Cuellar (D-Texas).

State of play: "The FBI was present in the vicinity of Windridge Drive and Estate Drive in Laredo conducting court-authorized law enforcement activity," an FBI spokesperson told Axios, adding that they "cannot provide further comment on an ongoing investigation."

Big Tech lobbies hard against looming antitrust bill

Illustration: Sarah Grillo/Axios

Big Tech CEOs, including Apple's Tim Cook and Google's Sundar Pichai, have been jawboning lawmakers as a Senate committee takes up a key antitrust bill Thursday.

Why it matters: The bill prompting this lobbying frenzy could upend how tech's giants do business, and tech's critics see this as a "now or never" moment for Congress to check the industry's power.