Senate GOP prioritizes business tax cuts in coronavirus stimulus package

Senate Republicans released their "phase three" coronavirus economic stimulus package on Thursday in a follow-up to Wednesday's package.

The Senate passed an initial package on Wednesday, which originated in the Democrat-led House and included paid sick leave, unemployment benefits, free COVID-19 testing, and other food and medical aid. But Thursday's proposal walks back some of those actions by putting stricter limits on who can use that paid leave. It also includes loans for small businesses of up to $10 million, a lift on excise taxes for airlines, and a variety of tax cuts and adjustments for businesses.

The bill promises up to $1,200 in "recovery rebates" to individual Americans who made no more than $75,000 and $2,400 to joint filers who made no more than $150,000 as of their 2018 tax return. For every $100 a person makes over those limits, $5 will be deducted from that amount. GOP negotiators, including Sen. Lindsey Graham (R-S.C.), had held firm on the $75,000 threshold as of Thursday.

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Democrats will still have a chance to negotiate to modify the deal, but it'll likely have President Trump's support. By the end of Thursday, the U.S. had reported 11,200 cases of coronavirus and at least 166 deaths, ABC News reports.