The federal Coronavirus Aid, Relief and Economic Security, or
was signed Friday and includes the following overview:
- 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)swill 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 To 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 techno logy 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 healthcare.
Business hasn't stopped, and your Chamber hasn't either. We are all in this together.......Stay Healthy!