The House passed the HEROES Act in May, but it was only this week that the Senate came back to work on a plan for the next round of federal COVID-19 relief. We expected a Senate bill to be released this week but conflicts within the Senate Republican caucus and between it and the White House have delayed it. We no do not expect it until early next week. While things may change, we want to share what we know now about what the Senate bill looks like at this moment and our take on what it should include, mostly as a guidepost by which to evaluate future developments. We will update this memo as soon as we received new information.