Here's what we know about the latest frontrunner stimulus plan.
Sarah Tew/CNETWith just days left till federal unemployment aid runs out and protections against evictions expire, a bipartisan group of Senators working together on emergency COVID-19 relief legislation released the details of their proposal Monday afternoon, sketching out a combined $908 billion bill that would bolster the economy through the end of the year and into early 2021.
The proposal is actually two separate bills, one a $748 billion package for areas of funding with the most widespread support. The other breaks the two prickliest issues -- state and local funding, and liability protections -- into a second $160 billion package. Neither currently contains a second stimulus check.
While the $748 billion bill is ready to be voted on as is, Congressional leaders could also use it as a building block for yet a new package that might gain broad support.
"We implore our leaders on both sides, take this work, build it into whatever package that gets voted on this week," said Democratic Senator Mark Warner during the press conference unveiling the legislation. "Let's make sure we bring it across the finish line."
The new bill attempts to navigate a middle path between Republican and Democratic positions on more economic relief. The original $908 framework included additional funding for federal employment checks, small business loans to cover wages and eviction protections but attempted to address several contentious issues, including liability protections for businesses, and funding for state, local, and tribal governments.
While we wait to see how the newest proposal pans out in Congress, here's what's on the table for 2020, and what could be left for a new Congress and administration to decide next year. This story was updated with new details.
Watch this: Next stimulus checks: What to expect
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Will a second stimulus payment happen or not?
The new $748 billion bipartisan bill would leave out a second economic stimulus check to keep the overall cost of the bill down, the bill's supporters said. As of this summer, the cost of the first round of payments had already hit $270 billion.
After a report on Dec. 8 by the Washington Post that the Trump administration was pushing Senate Republicans to add a $600 check to the bill, Treasury Secretary Steven Mnuchin said he sent House Speaker Nancy Pelosi a $918 billion proposal. In his statement, Mnuchin doesn't mention a $600 stimulus check, but The Washington Post reported the White House proposal included $600 checks for each eligible adult and child. To offset the cost of the checks, the administration proposal would reduce the amount of federal employment aid.
On Dec. 10, Senators Josh Hawley and Bernie Sanders said they were working together on an amendment for another round of $1,200 payments. "If I have anything to say about it -- and I guess I do -- we're not going to to go home for the Christmas holidays unless we make sure that we provide for the millions of families in this country who are suffering," Sanders said on the Senate floor Dec. 11.
Refund federal unemployment benefits
The CARES Act passed in March gave $600 per week to unemployed workers, on top of their usual unemployment check. When this funding lapsed at the end of July, President Donald Trump signed an executive action to pay a $300 per week bonus. That money will run out by Dec. 31.
The bipartisan proposal would provide $300 per week in additional federal unemployment benefits for 16 weeks. It would not make payments retroactive.
The Washington Post reported the administration proposal presented by Mnuchin would dramatically trim the federal unemployment benefits provided in the bipartisan bill in exchange for the new round of checks.
Extend Payroll Protection Program to cover employee wages
The Payroll Protection Program initially provided forgivable loans to small businesses as a way to help cover worker wages instead of laying them off.
The new bipartisan proposal would add $300 billion to the Paycheck Protection Program for small businesses. The bill would target aid for businesses especially hard hit by closures, including restaurants and live venues.
Renew an eviction ban for renters
The CARES Act established a nationwide ban on evictions for renters who were late on rent. When that was set to expire, Trump extended the ban -- but that extension, too, is set to expire at the end of the year.
The new bipartisan proposal would guard against evictions through providing $25 billion to state and local governments to pay for rent and utilities. The bill would also extend an eviction moratorium through Jan. 31, 2021.
Both sides are weighing the options for an eventual stimulus package.
Sarah Tew/CNETFunding for health care and coronavirus vaccinations
With the US beginning its first wave of coronavirus vaccines as soon as this month, the proposals turn toward funding distribution of the vaccine.
The bipartisan proposal would provide $16 billion for vaccine development and distribution, along with funding coronavirus testing and contact tracing efforts.
Read more: What to know about the COVID-19 vaccine's timeline, hidden costs and more
Liability protection from COVID-19 lawsuits
A major sticking point through the summer and fall, Republican legislators have supported limiting COVID-19 liability to guard against lawsuits against businesses, schools, hospitals and other organizations from people who said these institutions caused them to acquire the coronavirus, except for instances of gross negligence. Democrats have balked at the plan.
To reach broader agreement on their bill, the bipartisan group broke the moratorium on some coronavirus-related lawsuits against organizations into a separate package, along with aid for state, local and tribal funding.
Money for schools and childcare
Funding for education has been a part of proposals for more economic assistance going back to May. The bipartisan plan would set aside $82 billion for education and $10 billion for child care.
State and local aid money
The bipartisan proposal would split off $160 billion for state and local aid into the package with liability guards, with the intention that Congress could consider the two areas of conflict separately from the bill focused just on economic relief.
While we wait to see how and when negotiations shake out over the current proposals, here's what you need to know about coronavirus hardship loans, unemployment insurance and what you can do if you've lost your job.
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