The Senate is preparing for a vote this week, with a slimmed-down Republican Coronavirus relief package likely to be formally presented to members.

Announced by Senate Majority Leader Mitch McConnell this week, the proposed package will include around $500 billion of funding for immediate relief measures.

The package is much smaller than the $3.5 trillion funding bill that the House proposed earlier this year, before it was quashed in the Senate without a vote.

What’s Included in the $500 Billion Coronavirus Package?

Mitch McConnell referred to the package as a “targeted proposal that focuses on the most urgent aspects” of the Coronavirus Pandemic. He noted that there should be room for bipartisan agreement on the proposal.

Individual breakdowns made public by McConnell’s team are as follows:

• $258 billion for another round of the Paycheck Protection Program (small business loans).
• $105 billion to help schools reopen.
• $31 billion to fund potential Coronavirus vaccines.
• $10 billion in debt forgiveness for the U.S. postal service.
• $16 billion for COVID-19 testing.
• $15 billion to assist the opening of early childhood care providers.
• $20 billion for farmers affected by the Coronavirus Pandemic and ongoing recession.
• Undisclosed funding to protect businesses from lawsuits related to reopening during the crisis.
• $300 per week in additional federal benefits for the unemployed (expiring by December 27).

The proposal doesn’t include funding for a second round of individual taxpayer stimulus checks.

Will the Proposal Pass Through the Senate?

The proposal is possibly too little and too late from Mitch McConnell. Democrats are likely to vote against it without major amendments because it offers far less than what was proposed by the House of Representatives almost four months ago.

The White House is likely to be unreceptive to any larger proposal. Speaking to Fox News this week, Treasury Secretary Steven Mnuchin said that “We put $3 trillion into the economy when the economy was completely shut down, we’ve now reopened the economy.”

Whether or not lawmakers have done enough to support households during the health crisis will be a judgment for history to make. 1.3 million jobs were added back to the economy in August, and unemployment fell to 8.4%. The Coronavirus is clearly still a concern, but its economic impact seems to be weakening over time.