Today, President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. This historic package is expected to provide supplies and aid to hospitals and healthcare professionals, along with much needed economic relief for families and small businesses to get through the COVID-19 crisis.
“Today, President Trump showed yet again he is willing to do whatever it takes to get the American People through this crisis, and I am thankful for his leadership.” said Laura Cox, Michigan Republican Party Chairman. Cox continued, “I am also deeply grateful for our GOP Congressional Delegation who were able to pull this across the finish line – providing much-needed relief for those Michiganders on the frontlines of this outbreak and those struggling with its effects. Under the president’s leadership our nation will get through this crisis, and come out stronger and more united.”
Some highlights of the CARES Acts:
Coronavirus Specific Aid
- $100 billion in support for hospitals and health care providers
- Provides an additional $16 billion to secure ventilators, PPE’s and additional medical supplies necessary for state and federal responses.
- Provides immediate assistance to childcare providers to prevent them from going out of business and supports childcare for families, including for healthcare workers, first responders, and others playing critical roles during this crisis.
- Additional regulatory relief at FDA and CDC for market-based testing solutions and essential supplies such as testing kits, ventilators, PPEs, reagent supply, and hospital conversion
- $350 billion in loans for small businesses and non-profits.
- Direct financial assistance to Americans:
- $1,200 for individuals making less than $75,000
- $2,400 for couples making less than $150,000.
- Families with children would be eligible for an additional $500 per child.
- Expanded unemployment benefits to include part-time, self-employed, contract, and gig economy workers
- Employee retention tax credit to keep Americans in their jobs
- Low-or-zero interest loan program to businesses willing to keep their employees in their positions during the coronavirus crisis
- Loan deferral and forbearance for individuals and businesses of all sizes, during the crisis.