Here are the provisions of the Republican coronavirus relief plan, according to Treasury Sec. Mnuchin:
The Treasury secretary also said a payroll tax holiday, which President Donald Trump has repeatedly pushed for, "won't be in the base bill."
It is unclear how Republicans would structure the plan to provide 70% wage replacement. Lawmakers chose the $600 per week sum in the March rescue package because they decided outdated state unemployment systems could not handle processing payouts for 100% of a worker's previous wages.from about $600 to $100 a week through the rest of the year, sources told CNBC. Negotiators had not made any final decisions at that time.
Senate leaders hope to release their legislation as soon as Thursday, but the bill is only one step in what could be an arduous process to pass a package to boost a health-care system and economy devastated by the pandemic. As Democrats and Republicans try to hash out a range of disagreements — and Republicans try to come to a consensus even among themselves — millions of Americans wait to see whether they will have enough money to pay for food and housing.
The GOP will need Democrats to sign off on any plan, as they control the House and have the ability to block the Republican proposal in the Senate., D-Calif., has called that level of spending insufficient to address the health and economic crisis created by the pandemic.
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