UPDATE: Read our 5 takeaways on the $2 trillion stimulus that was passed.

WASHINGTON — Senate Republicans on Thursday unveiled an economic relief package in response to the coronavirus pandemic that would send checks of up to $1,200 to taxpayers who earn less than $99,000 a year, loans for small businesses and large tax cuts for big corporations.

Senators were on a tight deadline to introduce the measure before what is likely to become an extended Senate recess as Americans stay close to home and keep their distance in efforts to slow the spread of the disease.

Senator Mitch McConnell, Republican of Kentucky and the majority leader, planned to open negotiations on Friday with Senate Democrats and White House officials in a bid to finalize the package and vote on it within days. The House, which is currently on recess, would also need to approve the bill to send it to President Trump. While many lawmakers were prepared to travel on short notice, congressional leaders were rethinking their plans after two lawmakers tested positive for the virus and others decided to self-quarantine.

Here are five key takeaways from the Senate’s plan.

Taxpayers would receive a check of up to $1,200 from the government, but lower earners would get less.

Individual taxpayers who made less than $75,000 in adjusted gross income in 2018 would receive a check for between $600 and $1,200, with the highest earners getting the maximum payment. Married taxpayers who filed jointly and made less than $150,000 combined would receive between $1,200 and $2,400. The Senate proposal would also provide an extra $500 for each child.