Senate Republicans released a direct cash payment proposal as a way to provide economic relief to millions of Americans effected by the coronavirus pandemic.

The proposal is part of Phase Three of federal coronavirus relief funding, according to the Senate Finance Committee website.

Senate Finance Committee Chairman Chuck Grassley, R-Iowa, along with Senate Majority Whip John Thune, R-S.D., among other top Senate Republicans, released tax policy recommendations Wednesday for the “Phase 3” congressional response to the economic impact of the coronavirus.

“Preventing the spread of the coronavirus will take a financial toll on individuals, families and businesses,” said Grassley. “These recommendations would blunt the impact for most Americans and limit the damage to the U.S. economy. We can contain this deadly virus without destroying livelihoods or the nation’s economy. These recommendations take bold steps to curb the economic fallout as we work as a country to contain this pandemic. These recommendations won’t be the end of the congressional response to the coronavirus.”

Sen. Thune also noted in the press release Thursday, that the federal government can demonstrate “that it can take swift and bold action to help blunt the effects the coronavirus is having on workers and our economy. Every day in this fight is critical, which is why I support this effort that would provide additional relief to American families and small businesses upended by this collective and unseen enemy. While this won’t solve all of the problems our nation is facing overnight, cash payments to middle- and low-income families will provide direct support as quickly as possible. The time to act is now.”

Read the full proposal here.

NBC News reports the proposal will offer $1,200 per individual and $2,400 per couple filing jointly for those making $75,000 or less. For those earning between $75,000-$99,000, it scales down from $1,200.

Those earning $99,000 or more would not receive federal funding as part of the cash payment proposal.

The plan would also add $500 per child in order to support families, especially with schools and colleges moving to an online format.