Dear Friend,

Coronavirus has impacted each and every one of us. Many Americans have had their schedules upended, some have lost their jobs, others gotten sick and some have sadly died as a result of this virus. We can defeat coronavirus – together – but in the meantime, millions of Americans need help to pay their bills and keep their businesses afloat.

Congress has been considering an economic stimulus package to help Americans affected by the coronavirus. Last night, the Senate finally passed the CARES ACT economic stimulus package by a vote of 96-0. This legislation now comes to the House, where we are expected to vote on it tomorrow.

I understand many of you have questions about what’s included in this stimulus package. Below is a summary of the bill:

Assistance for Individuals and Families

The CARES Act provides direct relief payments to most taxpayers, providing cash immediately to individuals and families.

• Individuals are eligible for checks up to $1,200 and married couples filing jointly are eligible for checks up to $2,400, with an extra $500 for each child
• Phases out beginning at $75,000 for individuals/ $112,500 for head of household/ $150,000 for joint filers. Eligibility will be based on 2018 and 2019 tax returns
• For Social Security beneficiaries, including retirement and disability, eligibility will be based on information from the Social Security Administration

Help for Small Businesses

The CARES Act creates the Paycheck Protection Program, a nearly $350 billion program to provide eight weeks of cash-flow assistance to small businesses through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency.

If employers maintain their payroll, the loans will be forgiven, helping workers remain employed and allowing small businesses and our economy to come back after the crisis.  

To provide immediate access to capital for small businesses who have been impacted by COVID-19, the Paycheck Protection Program would cover:

• Payroll costs
• Paid sick leave
• Supply chain disruptions
• Employee salaries
• Health insurance premiums
• Mortgage payments
• Other debt obligations

The CARES Act allows regulatory relief so banks can grant loan forbearance for otherwise healthy businesses struggling while business has been shut down. For any questions you may have about how this legislation could impact small businesses, click here.

Strengthening our Hospitals and Healthcare System

The CARES Act expands the use of Telehealth medicine to allow health professionals the ability to diagnose and treat patients in a safe and faster environment and rushes resources to hospitals, doctors and other front-line providers, including:

• $100 billion to ensure hospitals and healthcare providers continue to receive the support they need for COVID-19 related expenses and lost revenue
• $16 billion for the Strategic National Stockpile to procure personal protective equipment (PPE), ventilators, and other medical supplies for federal and state response efforts

To help answer any questions you may have about this legislation, here are some Frequently Asked Questions courtesy of House Minority Leader Kevin McCarthy.