House Democrats released late Monday a new $2.2 trillion coronavirus relief package dubbed The Heroes Act — smaller than the $3.4 trillion Heroes act that passed the House in May.
The bill would, among other measures, restore $600 weekly unemployment benefits, provide $1,200 direct payments as well as more funds for the Paycheck Protection Program.
House Speaker Nancy Pelosi, D-Calif., and Treasury Secretary Steven Mnuchin — who’ve spoken over the weekend and on Monday — are continuing their talks this afternoon on ironing out a deal.
Pelosi Moday in a statement that “this $2.2 trillion Heroes Act provides the absolutely needed resources to protect lives, livelihoods and the life of our democracy over the coming months. It includes new funding needed to avert catastrophe for schools, small businesses, restaurants, performance spaces, airline workers and others.”
Democrats, she added, “are making good on our promise to compromise with this updated bill, which is necessary to address the immediate health and economic crisis facing America’s working families right now. We have been able to make critical additions and reduce the cost of the bill by shortening the time covered for now.”
White House National Economic Council Director Larry Kudlow said during a Tuesday morning interview with CNBC’s “Squawk on the Street” show that he spoke with Mnuchin Tuesday morning.
“They have a new offer on the table,” Kudlow said. “We don’t think the numbers are right — $2.2 trillion, which is a very big number. There’s some leftover spending that’s not included there and some tax cuts that are repealed. It might come to $2.6 trillion.”
Kudlow added: “I mean there are things I think that both sides agree with. But then the other team wants a gigantic package and we don’t think we need that.”
The deadline to apply for a Paycheck Protection Program Loan expired on Aug. 8. The original deadline was June 30.
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