The CARES Act
The Coronavirus Aid, Relief and Economic Security Act
On March 28, 2020, with my support, the U.S. House of Representatives approved an economic relief package to help Americans and small businesses affected by the coronavirus. President Trump signed the bill into law on March 28, 2020. Below is a summary of the CARES Act, the $2 trillion stimulus bill to help working Americans and small businesses. For a detailed, section by section explanation of the CARES Act, click here.
Income for American Families
- One-time tax rebate check.
- $1,200 per individual, $2,400 per couple and $500 per eligible child.
- Not reduced for lower income Americans.
- They are reduced for higher income earners, starting at $75,000 for individuals, $112,500 for head of household, and $150,000 for married couples.
- Phases out completely at $99,000 for individuals and $198,000 for married couples.
- Expanded unemployment insurance to cover gig workers and self-employed and non-profit employees.
Small Business Assistance
- New SBA-backed loan program to help small businesses pay for expenses.
- Loans taken by small businesses to keep employees on payroll may be forgiven.
- 501 (c)(3)s will also be eligible for this program.
- Federal government will forgive 8 weeks of cash flow, rent and utilities at 100% up to 2.5x average monthly payroll.
Assistance for Distressed Job Creators
- Loans, loan guarantees, and investment authority totaling $529 billion, with $454 billion to be used by Treasury, working with the Federal Reserve, for all sectors and $75 billion in loans, guarantees and grants for passenger airlines, cargo carriers, and businesses critical to national security.
Ensuring Access To Care For All Americans
- Increase in Medicare reimbursement rate to assist providers caring for our most vulnerable population.
- Increases access to testing by allowing the Strategic National Stockpile to stockpile swabs necessary for test kits.
- Allows the FDA to quickly approve the use of new medication and treatments.
- Facilitates the use of new and innovative telemedicine technology to protect and contain the spread of COVID-19.
Direct Funding to Combat the Pandemic
- $340 billion supplemental appropriation
- $150 billion for states, cities, localities to fight pandemic.
- Support for health care workers and hospitals.
- Funding for PPE.
- Support for our local responders.
- Funding for the research of new treatments and vaccines.
- Support for small businesses.
- Support our local colleges and universities.
- Support for veteran health care.
- Support for DOD response to COVID-19.