As a follow up to what readers need to know about the CARES Act, the original COVID-19 economic relief package, the Senate released its version of a second set of COVID-19 relief measures late Monday night. It is called the HEALS Act for Health, Economic Assistance, Liability Protection and Schools. The House version called the Heroes Act, was passed in May. Now leaders in both chambers must work to negotiate a bill all sides can agree on and also, one the President will be willing to sign. A tall order which Congress would like to see passed before their August recess which starts on August 7. 

Politicking aside and without regard to what the final name or acronym of the next COVID-19 relief will bill be here is a brief rundown of what (based on the provisions of what was released as the HEALS Act) to expect:

• The spending ceiling for the bill will be $1 Trillion and not the $3 Trillion proposed in the Heroes Act.
• Households will receive an additional $1,200 per single household and $2,400 for joint households, plus $500 for all dependents (CARES provided fore dependents up to age 17) applicable income limits will apply.
• Additional unemployment benefits. The $600 per week benefit that expires on July 31, will be extended in some form. 
• $190 billion for Payroll Protection Plan loans for small businesses, which continues the program introduced under the CARES Act. The additional legislation is aimed at allowing businesses with 300 employees or less whose revenues have fallen by 50% or more, to apply for additional relief.
• $105 billion to help schools reopen in the fall, with $30 billion going to colleges and universities. The money is to be used by schools that are physically reopening (not online institutions) to offset costs associated with re-opening safely. 
• Tax credits to help businesses retain employees, provide workplace related COVID-19 testing and workplace renovations needed to create safe work environments
• $16 billion to help states boost COVID-19 testing capacity, and $26 billion toward the development of COVID-19 vaccines and therapeutics. 

The above items would appear to be programs that both Democrats and Republicans could agree on in some shape or form. There are some suggested provisions in the HEAL Act which may or may not make it into the final version of the bill. For example:

• A 100% deduction for all business meals. 
• $1.75 billion for construction of a new FBI headquarters building in downtown Washington D.C. As reported by The Washington Post, the White House is concerned that current plans to demolish the J. Edgar Hoover Building, currently the F.B.I.'s headquarters would pave the way for a competitor (to the Trump hotel) to build a new hotel on the spot.

There is much work for Congress to do, but it appears Americans can look forward to a new round of stimulus. This should be good news for the economy as well as for individuals and businesses.