Senate Majority Leader Mitch McConnell (R-Ky.) announced the Health, Economic Assistance, Liability Protection and Schools, or HEALS, Act Monday night, the upper chamber’s long-awaited coronavirus stimulus package. The $1 trillion bill includes an extra $200 per week in unemployment insurance, down from $600 in the earlier CARES Act, and more money for schools, among other measures.

The bill also proposes a second $1,200 economic impact payment. The second round of checks will follow the same eligibility formula as the first round, according to a memo from the Senate Finance Committee: Qualifying individuals earning a gross adjusted income up to $75,000 per year in 2019, and couples earning $150,000, will receive the full $1,200 or $2,400, respectively. From there, the checks will be reduced by $5 for every $100 in income, phasing out completely at $99,000 and $198,000. ...