• A group of Republican senators is pushing a stimulus plan aimed at reducing the $1.9 trillion in spending President Joe Biden has proposed.
• The $618 billion plan includes new stimulus checks of $1,000 per person.
• This time, however, that aid would be more targeted at individuals and families with lower incomes.

The next COVID stimulus checks could be smaller than $1,400 and reach fewer people if a new plan put forward by some Republican senators is approved.

The new proposal from a group of 10 GOP lawmakers calls for $1,000 checks per person, rather than the $1,400 sum proposed by President Joe Biden.

That would bring the direct payments to $1,600, including the first payment authorized in December.

Individuals earning up to $40,000 per year would be eligible for the full payments. Those with incomes at that threshold and above would see payments gradually phase out, and eligibility would be capped at $50,000 in annual pay.

For married couples who file taxes jointly, the payments would begin phasing out at $80,000 in income and be capped at $100,000.

More from Personal Finance:
How Biden's $1.9 trillion relief plan would avert a looming benefits cliff
One year after Covid in America: A financial snapshot
What to know if you still haven't received your $600 stimulus check

Children and adults who qualify as dependents would be eligible for $500.

Convicted inmates would not be eligible. Right now, prisoners are eligible to receive the $600 checks that are being deployed.

The checks would total an estimated $220 billion, per the Republican plan. Meanwhile, the total package, including additional funding for vaccines, child care, enhanced unemployment insurance and nutrition benefits, would cost an estimated $618 billion.

In contrast, Biden's plan that calls for $1,400 checks per person would cost an estimated $465 billion for the direct payments, or $1.9 trillion total.

The Republican proposal is likely a "beginning package for negotiations," said Bill Hoagland, senior vice president at the Bipartisan Policy Center and a former Senate staff member.

"There's no way that Democrats would agree to [$618] billion, and I think they will feel it's not sufficient," Hoagland said.

While the package could lose backing from some Democrats, the compromise could potentially pick up support from some Republicans.

The new White House administration faces a "difficult balance right now," according to Hoagland.

"This is going to be a huge task for President Biden, who I think in his heart likes to do things in a bipartisan way," Hoagland said.

Much will depend on the outcome of a meeting between Biden and Republicans scheduled for 5 p.m. at the White House on Monday.

The Senate is slated to proceed on Tuesday with a budget resolution that could lead to a reconciliation bill, which would just require a simple majority in order to go through. But that process will take time, Hoagland noted.

How soon the money reaches Americans will depend on how long the negotiations between the two parties take. An emergency supplemental package could be easier to pass, Hoagland said.

"If you had an agreement for an emergency supplemental ... you can get it done a lot quicker, given the crisis that we have right now," Hoagland said.