The $1 trillion plan is expected to reduce the federal unemployment benefit to about $200 per week, on average, or 70% of the wages a worker earned before ending up jobless. It would also provide $105 billion for schools, $70 billion of which would go to K-12 institutions with more going to schools that reopen; it would give $16 billion more for virus testing and tracing; it would provide another round of popular stimulus checks; it would include a second, more targeted round of forgivable loans from the Paycheck Protection Program for small businesses; and it would provide tax credits for businesses to help with rehiring and reopening.
President Donald Trump had insisted on a payroll tax cut, which caused some delay, but after the pitch met with opposition from many Republicans and Democrats alike, the proposal was dropped. Mnuchin acknowledged over the weekend that the tax incentive did not provide immediate relief, unlike the planned second round of direct payments to Americans with modest incomes. Likewise, the administration caved on an effort to zero out any new funding for testing, tracing, and the major federal health agencies involved in fighting the pandemic.
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