Several Democratic senators have teamed up to propose giving Social Security beneficiaries an extra $200 per month in the wake of the coronavirus pandemic and the economic devastation it is causing.

The plan was put forward last week by Sens. Elizabeth Warren, D-Mass.; Chuck Schumer, D-N.Y.; and Ron Wyden, D-Ore.

The extra income would apply to all Social Security, Veterans and Supplemental Security Income, or SSI, beneficiaries.

The bonus money would continue through the end of 2021, adding up to an extra $4,000 over the next two years.

"Increasing Social Security benefits is the quickest way to get money out the door during an economic crisis," Warren wrote in an op-ed for CNBC.com.

The idea of boosting Social Security benefits by $200 per month was also included in Warren's presidential campaign platform. In that plan, Warren called for raising payroll taxes on high earners in order to pay for the increases.

The senators did not stipulate how they would offset the costs of the increased benefits in their plan. The proposal is part of Senate Democrats' Phase 3 proposal that calls for at least $750 billion to help fight COVID-19 and the effects it is having on the U.S. economy.