Senate Releases Details Of 3rd Coronavirus Relief Bill

Majority Leader Mitch McConnell laid out four key components of the Coronavirus Economic Stabilization Act, which focuses on the economy and jobs.

Senate Releases Details Of 3rd Coronavirus Relief Bill
Susan Walsh / AP

A third coronavirus relief plan has been introduced on the Senate floor. It aims to bolster the economy and jobs amid the coronavirus pandemic.

Senate Majority Leader Mitch McConnell announced the details of the package on Thursday.

"It is critical that we move swiftly and boldly to begin to stabilize our economy, preserve Americans' jobs, get money to workers and families, and keep up our fight on the health front. That is exactly what our proposal will do."

The first part of the package focuses on supporting small businesses. It will help them stay afloat and keep paying their employees by offering hundreds of billions of dollars in federally guaranteed loans. Certain parts of these loans could be converted to grants, meaning those parts would not need to be paid back.

A second part will get cash directly to Americans as quickly as possible. McConnell said this money would be paid out on top of individuals' unemployment benefits and Social Security payments.

The third component will focus on lending to industries "of national importance", such as airlines. McConnell said these would be loans, not gifts, that must be repaid.

And the fourth component will "remove barriers to care, speed innovation," and expand hospitals' and health care workers' access to the tools they need to fight the virus. 

McConnell said: "These are not ordinary policies. This is no ordinary time. The American people are strong. They are brave. ... The Senate's job is to give them the tools they need. We are not leaving until we do our job."

Contains footage from CNN.