House passes CARES Act to provide aid for all Americans affected by the Coronavirus
Washington, D.C. – Today, the House of Representatives passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which will deliver immediate and necessary help to families, businesses, medical professionals, and medical facilities. This nearly two trillion dollar aid package is a direct response to the pandemic crippling our nation.
Congressman Rooney stated, “This health and economic package is excellent legislation and achieves the goals of putting money directly in the hands of people who are suffering the most, shores up unemployment benefits to deal with the longer term effects of this crisis, and provides aid to the scores of small businesses that keep Southwest Florida’s economy running. Quick, meaningful and responsible action to help ensure the health of our citizens and the health of our economy was critical.
“I want to thank the Majority and Minority leaders in the Senate and Speaker Pelosi for working together over these last few days to bring this bill forward quickly and moving it through the House of Representatives.”
Income for families –
One-time tax rebate check of $1,200 per individual, $2,400 per couple and $500 per eligible child.
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 aid –
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 to 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.
$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 citizens.
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.