Republican Senate Majority Leader Mitch McConnell last night filed a third economic stimulus bill in an ongoing effort to mitigate the fallout from the coronavirus pandemic that has ravaged the American economy. The legislation, which has the support of the White House, provides for the direct payment of $1200 to all Americans earning less than $75,000 annually while those earning between $75,000 and $99,000 would collect $5 less for every $100 over the $75,000 threshold. In addition, households with children would get an additional $500 per child. The income calculations would be based on 2018 income tax returns. Further, the GOP bill would provide $300 billion in federally guaranteed loans for small businesses in amounts up to $10 million for businesses with up to 500 employees. The loans, which could be used for payroll support, employee salaries, mortgage payments, rent, utilities and pre-existing debt obligations would be eligible for loan forgiveness for the period of March 1, 2020 through June 30, 2020. Further, the proposal includes $150 billion for economic stabilization loans to non-airline industries subject to executive compensation limits. The legislation was filed by the Majority Leader’s office, but it will be subject to significant vetting and intense negotiations with the democratic minority before it is put for a vote. Stay tuned!