HEALS vs. CARES vs. Heroes stimulus packages: Key differences between Democratic and Republican proposals - CNET

CARES, HEALS, Heroes. Here's what each stimulus package has to offer.

Angela Lang/CNET

Understanding the key differences between the Republican HEALS Act plan, the Democratic counter-proposal Heroes Act and March's CARES Act, which authorized the first direct payments, will give you insight into why it's taking Washington leaders a long time to form a consensus on the next economic package aimed at providing relief during the ongoing coronavirus recession.

Once a decision is reached, implementing the plan could be challenging.

For more like this

Subscribe to the How To newsletter, receive notifications and see related stories on CNET.

"Economists and labor market experts also warn that any solution that emerges from the negotiations would take weeks, if not months, to get up and running, risking a potentially catastrophic fiscal cliff for tens of millions of US households," The Hill cautioned.

Both sides of the aisle concur that a second stimulus payment for qualifying Americans should be part of the final relief bill, but still disagree on enhanced jobless benefits: Democratic leaders want to reinstate the $600 weekly amount that expired on July 31 and object to the GOP's figure of just $200 per week in enhanced benefits. However, White House and Senate Republicans have signaled a willingness to meet in the middle.

Below, we lay out the key similarities and differences between the HEALS act (as proposed), and the CARES and Heroes Acts. Check back on this story for updates.

Now playing: Watch this: Stimulus standoff on Capitol Hill

1:21

CARES vs. Heroes vs. HEALS Acts: What's the difference?

	CARES (from March)	Heroes (Democratic)	HEALS (Republican)
Total cost of stimulus package	$2.2 trillion	$3 trillion	$1 trillion
Stimulus check maximum payment amount	$1,200 to single filers earning under $75K per year, $2,400 for joint filers under $125K. Reduced $5 per $100 of income above limits.	Same as CARES.	Same as CARES.
How much stimulus money you get for dependents	$500 for dependents, 16 and under. College students, 24 and under, are not eligible.	$1,200 for dependents, maximum of three.	$500 for dependents, no age limit.
Enhanced unemployment benefit	$600 per week in addition to state benefits.	Same as CARES.	Initially $200 per week. Then up to $500 per week to match 70% of lost wages when added to state benefits.
How long enhanced unemployment lasts	Expires July 31.	January 2021 for most workers, through March 2021 for gig workers, independent contractors, part-time workers and self-employed.	$200 per week bonus through September. Then 70% matching of lost wages. Extends expiration of federal benefits until Dec. 31.
Paycheck Protection Program	Allocated $659 billion total in forgivable loans for small businesses, who must use 75% on payroll to be eligible for forgiveness. $130 billion remains, but expires Aug. 8.	Expands eligibility, eliminates 75% payroll requirement and extends application period to Dec. 31.	Injects another $190 billion into the PPP fund, expands eligibility and allows businesses to request a second loan. Eliminates 75% payroll requirement and expands approved uses of funds for loan forgiveness.
Employee tax credit	Tax credit on 50% of up to $10,000 in wages.	Increases tax credit to 80% of up to $15,000 in wages.	Increases tax credit to 65% of up to $30,000.
Bonus for employees who start new jobs or are rehired	Does not address.	Does not address.	There could be a return-to-work bonus of up to $450 per week for unemployed workers who secure a new job or are rehired.
Eviction protections and moratorium	Bans late fees until July 25 and evictions until Aug. 24 on properties backed by federal mortgage programs (Fannie Mae, etc.) or that receive federal funds (HUD, etc.).	Expands to cover nearly all rental properties in the US, extends eviction moratorium an additional 12 months, allocates $200 billion for housing programs and another $100 billion for rental assistance.	Does not address.
School reopening	Does not address.	$58 billion for grades K-12, $42 billion for higher education.	$70 billion to K-12 that open for in-person classes, $29 billion for higher education, $1 billion to Bureau of Indian Education, $5 billion state discretion.
Liability protection from coronavirus illness	Does not address.	Does not address.	5 year liability shield to prevent schools, businesses, hospitals, from being sued over coronavirus-related issues.
Coronavirus testing	Does not address.	Does not address.	$16 billion.

from CNET https://ift.tt/3i9prf5
via IFTTT