Federal CARES Act Information

1. 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.

2. 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)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.

3. 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.

4. 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 technology to protect and contain the spread of COVID-19.

5. 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 health care.

- Support for DOD response to COVID-19.