The proposal, introduced by Senate Majority Leader Mitch McConnell, R-Ky and titled the Health Care Economic Assistance Liability Protection and Schools (HEALS Act), will compete for approval with the House Democrats' $3 trillion proposal, USA Today noted.
Both packages include "economic impact payments," or stimulus checks, under which individuals would receive $1,200 and couples would receive $2,400. An additional $500 would be added for each dependent, regardless of whether the dependent is a minor child.
Those qualifying for the payment include single US residents with an adjusted gross income less than $99,000; a head of a household earning under $146,500; couples filing jointly without children and earning less than $198,000; and a dependent child or adult, CNET reported.
In an interview with CNBC last week, Treasury Secretary Steve Mnuchin said: "The president's preference is to make sure that we send out direct payments quickly so that in August, people get more money."
Mnuchin emphasized that he wants to finalize legislation on the package by July 31.