Senate Majority Leader Mitch McConnell released the first draft of his "phase 3" coronavirus stimulus plan, a $1 trillion bill that at this point doesn't even have unified Republican support and has been negotiated with no input from the Democrats who are necessary to getting it passed.
The heart of the response—the part that McConnell wants to bolster his own popularity and reelection prospects—is direct payments to Americans, which key Republicans including Sen. Lindsey Graham and brand new acting White House chief of staff Mark Meadows oppose. The bill would provide checks of $1,200 per adult for most families, as well as $500 for each child. Those who are too poor to have a tax liability would get a minimum of $600. The checks get smaller for people earning more than $75,000 and don't go to anyone making more than $99,000. They are one-time payments—one-time. Graham actually has a valid point about that: "Direct payments make sense when an economy is beginning to restart. Makes no sense now, because it's just money. What I want is income, not one check. I want you to get a check you count on every week, not one week." Of course, he's making that argument to argue against any direct cash assistance, not to argue for more assistance.
It also would provide $300 billion in loans in to businesses with fewer than 500 employees, aimed at helping them survive the downturn and available through lenders certified by the Small Business Administration, with the maximum loan amount of $10 million. It also has the big bailouts to industry: "Up to $50 billion for passenger air carriers; Up to $8 billion for cargo air carriers; and Up to $150 billion for other eligible entities."
Democratic leadership is less than impressed, with House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer issuing a joint statement saying "any economic stimulus proposal must include new, strong and strict provisions that prioritize and protect workers, such as banning the recipient companies from buying back stock, rewarding executives, and laying off workers." They want a plan that "puts 'Workers First,'" that would "help workers and small businesses first by greatly increasing unemployment insurance and Medicaid, making massive investments to help small businesses survive, expanding paid sick and family leave, and putting money directly into the hands of those who need it most."
“The number one priority is addressing this health crisis," Schumer and Pelosi continue, "which requires a Marshall Plan to rebuild our health care infrastructure on a continental scale and ensure the resources are there to test and treat everyone who needs it."