According to reports, Senate Republicans are close to a deal that would send $1,200 to most Americans in order to offset the economic crunch caused by the coronavirus.
The Senate GOP caucus is divided on a request from President Trump to issue two batches of $1,000 checks to all taxpayers, who in April and another in May.
During a Thursday afternoon meeting of Republicans, a task force of senators presented a plan to provide $1,200 to individuals and $2,400 to couples.
Speaking on the Senate floor, Majority Leader Mitch McConnell said the proposed stimulus plan will do four things: Guarantee low-interest loans for small businesses, give cash payments to most Americans, give loans to the industries hardest hit by the economic fallout from COVID-19, and provide funding for hospitals and medical centers.
Under the new plan, people who earn less than $75,000 would receive the full $1,200, with a sliding scale reducing the amount for higher incomes.
People who earned $95,000 last year — or $190,000 per couple — would not receive a payment.
In addition, there would be a $500 payment for each child.
Meanwhile, Senate Minority Leader Chuck Schumer said in a speech Thursday morning that any direct payments to Americans would have to be more generous and targeted than $1,000 per person.