Senate Republican’s Release COVID-19 Aid Package

On Monday, Senate Republican’s released text of their Health, Economic Assistance, Liability Protection and Schools (HEALS) Act. The bills include an additional round of $1,200 stimulus payments, additional funding for the Paycheck Protection Program (PPP), liability protections for businesses that reopen and unemployment compensation. The bill notably does not extend the eviction moratorium that expired on July 24 or any LIHTC provisions.

The proposed unemployment compensation would offer $200 per week for 60 days and then a 70 percent wage replacement when combined with the state unemployment compensation, up to $500 of federal funding per week. The 60 days of $200 per week is supposed to serve as incentive for states to overhaul their systems. Democrats have panned the unemployment compensation proposal as a logistical nightmare for states to implement when they are already struggling to meet the demand.

The proposal allocates an additional $90 billion for a second round of PPP loans. The second round of funds would be restricted to firms with fewer than 300 employees that have experienced at least a 50 percent reduction in gross revenues. These firms will be able to take out a second loan equal to 2.5 times total monthly payroll costs up to $2 million, and these loans are forgivable if at least 60 percent of the loan is used to cover payroll costs.

The two parties must now find a compromise solution with the clock ticking as the expanded federal unemployment compensation runs out at the end of the month. The House was scheduled to adjourn for August recess on July 31 but Speaker Nancy Pelosi (D-CA) said the chamber will stay in session until an aid package is finalized. The next “deadline” for passing the aid package is the two parties conventions: the Democratic National Convention is scheduled to run from August 17 – 20 and the Republican National Convention is scheduled to run from August 24 – 27.

The bills were released in several segments, the proposed unemployment benefits and stimulus payments can be found in the first one:

  • The American Workers, Families and Employers Assistance Act (Full Text, Summary);
  • The Safeguarding America’s Frontline Employees to Offer Work Opportunities Required to Kickstart the Economy (SAFE TO WORK) Act (Full Text);
  • Continuing Small Business Recovery and Paycheck Protection Program Act (Full Text, Summary);
  • Labor, Health and Human Services, Education and Related Agencies Committee Proposal (Summary);
  • Coronavirus Response Additional Supplemental Appropriations Act (Full Text, Summary);
  • Time to Rescue United States’ Trusts (TRUST) Act (Full Text, Summary);
  • Safely Back to School and Back to Work Act (Summary);
  • School Choice Now Act (Full Text, Summary);
  • Restoring Critical Supply Chains and Intellectual Property Act (Full Text); and
  • Supporting America’s Restaurant Workers Act (Full Text).