House Democrats release $1.9 trillion coronavirus stimulus plan with $15 minimum wage increase

House Democrats have released their $1.9 trillion coronavirus stimulus plan that includes a gradual $15 minimum wage increase by 2025.

Democrats in Congress are moving the bill forward through the budget reconciliation process, which would allow them to pass it without Republican votes. The full text of the 591-page bill was released publicly on Friday evening.

The bill includes $1,400 stimulus checks for individuals earning less than $75,000 a year and married couples earning less than $150,000. The amount decreases for individuals and couples earning over those amounts.

The legislation also has $350 billion in federal funding for states and localities as well as $400 weekly federal unemployment benefits on top of state benefits. The current federal unemployment benefit is $300 per week.

According to the House Budget Committee, the bill also increases the existing child tax credit for children under 6 years of age to an amount of $3,600. The credit goes down to $3,000 for other children up to age 17.

The Paycheck Protection program that aids small businesses receives $7 billion in the bill and the Emergency Injury Disaster Loan program gets $15 billion.