Huge $1 TRILLION coronavirus package giving schools funds to reopen and extending stimulus loans to be announced today

REPUBLICANS are set to unveil a huge $1 trillion package to lift the US out of the coronavirus pandemic – including funding for schools and small businesses.

Senate Majority Leader Mitch McConnell is likely to reveal the new financial measures before the House's break at the end of the month and the Senate's recess from August 7.

The news comes after wrangling between the Republicans and the Democrats over a new bill to keep the economy afloat.

The details of the $1 trillion bill are still being decided, but it is expected to give schools increased funding to help them reopen, according to Axios.

Unemployment benefits are also expected to be slashed from $600 to $200 a week from July 31st.

The move comes amid fears from senior Republicans that the extent of the benefit would discourage some of those looking for jobs, as the average wage in some states would actually be lower than the combined welfare checks.

Democrats argue that more money in the economy boosts spending and helps revive struggling industries.

Data from tax firm Jackson-Hewitt show more than two-thirds of Americans need a second stimulus check to help make ends meet.

Congress is expected to pass another check but face a race against time withthe current deal set to run only to July 26.

Businesses will also get more financial help – including restaurants, universities, hotels, hospitals and school districts.

The Payment Protection programme, which shelled out almost $670 billion in loans and grants to small businesses, will be extended with help of the $134 billion left in the previous programme's coffers.

It is believed there will be no additional money for state or local government, but Republicans want to ease guidelines to give states more control over how they spend the money.

The rescue package takes on a renewed urgency with November's election creeping closer and many of the states hardest-hit being targets for President Trump.

The bill is in response to the Democrats' coronavirus measures which were passed by the House of Representatives.

House Speaker Nancy Pelosi was among many arguing for a $3 trillion relief package – but the Republican-controlled Senate put paid to that.

GOT a story? EMAIL [email protected]

Source: Read Full Article