- HEALS Act, proposed Monday, provides a more cost-effective stimulus approach
- Stimulus checks, PPP Loans, and unemployment benefits among proposed legislation
- McConnell: “We have one foot in the pandemic and one foot in the recovery.”
Senate Majority Leader, Mitch McConnell, revealed Monday the long-awaited HEALS Act, a conservative and fiscally reasonable approach to follow Democrats’ $3.5 trillion stimulus plan. Among the proposed plans is a continuation of stimulus checks amounting to $1,200 for single-file taxpayers earning less than $75,000 and joint incomes up to $150,000. Additionally, a second, less-frenzied round of the Paycheck Protection Program will be installed and limited to small businesses with 50% or more decline in revenue.
With plans to extend CARE Act’s unemployment benefits past the July 31st end date, HEALS shows strong prospects of being enacted. The Act will aid unemployment, but at a more reasonable rate than its predecessor. With a $200/week benefit, HEALS looks to re-incentivize those who have been receiving greater earnings from unemployment payments than their prior positions.
McConnell introduced the bill Monday by saying: “We have one foot in the pandemic and one foot in the recovery. The American people need more help… and they need it to be carefully tailored to this crossroads.”
For a full listing of the proposed tax provisions of the HEALS Act, click here.
Check out our DSJCPA COVID-19 Information Center to remain current on all Coronavirus related news or talk to our Coronavirus Response Team (CRT)!
Associate, Creative Solutions
516-541-6549 | Email