It finally happened. The new law is here and with it, hopefully, at least a measure of relief.
Here is a link to the House bill passed moments ago: https://apps.npr.org/documents/document.html?id=6819239-FINAL-FINAL-CARES-ACT
The package is much as has already been reported, including:
Emergency Funding to Contain the Covid19 Outbreak: $340 Billion to go to hospitals, FEMA, the CDC, and for vaccination programs.
Expansion of Unemployment Benefits: $260 Billion for an additional 26 weeks of unemployment benefits, including and additional $600 per week for each week normally provided by state unemployment programs, which differs each state.
Small Business Loans: $350 Billion in guaranteed loans capped at $10,000,000 per borrower to help businesses deal with closures caused by the outbreak for use in sustaining their operations, including paying workers furloughed or laid off. This money can be used retroactively for those workers sent home because of pandemic related closures. These loans may be forgiven so long as the borrower has maintained payroll through the end of June with the funds.
Tax Credits: Businesses regardless of size may be entitled to tax credits to help them maintain payroll in the event the business is closed or distressed on account of the pandemic. The credit will cover 50% of payroll up to first $10,000 of compensation for each employee.
Direct Payments to People: $1,200 per person for individuals who made less than $75,000 in 2018 or for those filing jointly who make less than $150,000 that year. In addition, there will be a $500 payment for each dependent child.