The U.S. Senate officially announced its plans yesterday for another coronavirus relief bill.

The Republican-led Senate is calling its $1 trillion bill the Health Economic Assistance Liability Protection (HEALS) Act.

This proposal comes several weeks after the Democratic-led House of Representatives passed its $3 trillion proposal called the HEROES Act.

So what exactly does the HEALS Act propose?

Senate-leader Mitch McConnell says at its core the bill covers healthcare, work, and schools.

The HEALS Act also proposes another round of direct checks to households following the guidelines of the earlier CARES Act. This means that individuals with an income of $75,000 or less and families with an income of $150,000 or less receive a $1,200 check.

Other points of the bill include $100 billion to help school reopen and more of the Paycheck Protection Program (PPP) loans.

The HEALS Act does address federal unemployment benefits that ran out in July. However, in this bill, unemployment benefits cap at $200 a week, compared to the $600 a week that the CARES Act provided.

Now that both the House and Senate have proposed plans, they must discuss how to finalize a plan. This could take several days, but ideally, the two sides would like to come to an agreement before the Senate takes another recess on August 7.

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