McConnell: Republicans will shortly introduce a new coronavirus relief program

Reuters reports that US Senate Majority Leader Mitch McConnell said on Monday Senate Republicans will shortly introduce a new coronavirus relief program to address health, economic assistance and schools.

Speaking on the Senate floor, McConnell said the package would include direct payments to Americans of $1200 each, and help for the unemployed.

It would also include ‘strong legal liability protection,’ over $100 billion for schools, more money for a small business program, and a program to incentivize manufacturing of personal protective equipment in the United States.

Key notes

• McConnell says senate republicans will shortly introduce their new coronavirus relief program to address health, economic assistance and schools.
• Says package to include direct payments to Americans of $1200 each.
• Says plan to include unemployment relief, more money for paycheck protection program, and a program to incentivize manfacturing of personal protective equipment in the united states.
• Says coronavirus package to include ‘strong legal liability protection,’ over $100 billion for schools.

Market implications

The lack of agreement on the next phase of fiscal stimulus in the US and the expiration of the supplementary $600 weekly unemployment payment had been weighing on markets.#

A deal should put that uncertainty to rest and left risk appetite. 

Congress is aiming to reach agreement by the end of next week, but the broad consensus behind gigantic fiscal support that was evident in Q2 is faltering,

analysts at ANZ Bank warned.