Bring the chicken broth, thyme and bay leaves to boil in large stock pot.
Saute the red bell in butter until tender — about 4 minutes. Add the bell pepper mixture to the boiling chicken broth. Stir until incorporated.
Remove bay leaves and puree with immersion blender, or in batches if using a food processor. Add beer. Watch the pot once the beer is added; it can boil over easily.
Simmer for 1-2 minutes to cook out the alcohol.
Stir in paprika, cayenne and Tabasco.
Add Velveeta in batches, stirring to melt the cheese.