The federal Coronavirus Aid, Relief and Economic Security, or “CARES” Act was signed Friday and includes the following overview:

  • Income for American Families
  1. One-time tax rebate check.
  2. $1,200 per individual, $2,400 per couple and $500 per eligible child.
  3. Not reduced for lower income Americans.
  4. 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.
  5. Phases out completely at $99,000 for individuals and $198,000 for married couples
  6. Expanded unemployment insurance to cover gig workers and self -employed and non-profit employees.
  • Small Business Assistance
  1. New SBA- backed loan program to help small businesses pay for expenses.
  2. Loans taken by small businesses to keep employees on payroll may be forgiven.
  3. 501 (c)(3)swill also be eligible for this program.
  4. 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
  1. 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
  1. Increase in Medicare reimbursement rate to assist providers caring for our most vulnerable population.
  2. Increases access to testing by allowing the Strategic National Stockpile to stockpile swabs necessary for test kits.
  3. Allows the FDA to quickly approve the use of new medication and treatments.
  4. 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
  1. $340 billion supplemental appropriation
  2. $150 billion for states, cities, localities to fight pandemic.
  3. Support for health care workers and hospitals.
  4. Funding for PPE.
  5. Support for our local responders.
  6. Funding for the research of new treatments and vaccines.
  7. Support for small businesses.
  8. Support our local colleges and universities.
  9. Support for veteran healthcare.

Business hasn't stopped, and your Chamber hasn't either. We are all in this together.......Stay Healthy!