Bipartisan Legislation Will Deliver Help to Families and Businesses Impacted by COVID-19 Pandemic
WASHINGTON, D.C. — Congressman David B. McKinley, P.E. (R-W.Va.) issued the following statement after the House passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act today:
“The American people expect their leaders to rise to the occasion in times of crisis and work together to do what’s best for our country. This emergency legislation is an unprecedented response to a public health and economic crisis unlike any we’ve seen before.
Americans are worried and hurting as a result of the Coronavirus. This bill will give the health care professionals and researchers on the front lines the resources they need to fight the virus and ultimately develop a vaccine and cure. It will help individuals feeling financial hardship by providing economic assistance and expanding unemployment benefits for those who have lost their job. It will help small businesses stay alive and maintain payroll during this period of distress. It will ensure children receive the nutrition they need while schools are closed.
The Coronavirus truly is an invisible enemy, and it’s vital that all Americans pull together to come through this difficult time. Today is the third time Congress has acted in response to this crisis. More action will likely be needed, but this legislation represents an important step to give Americans confidence that the government can meet this public health and economic challenge.”
Background: The CARES Act is the third Congressional response to the COVID-19 pandemic. The emergency relief package provides tax rebates, expanded unemployment benefits, and numerous tax-relief provisions aimed at shoring up individual, family, and business finances, among other provisions.
Highlights Include: Direct payments to qualified individuals with checks of $1,200 for individuals, $2,400 for couples, and $500 for children available for those with incomes at or below $75,000 individual/$112,500 head of household/$150,000 filing jointly. Payments are phased out above those thresholds until it is phased out completely for single taxpayers with incomes exceeding $99,000 and $198,000 for joint filers.
Significantly boosts unemployment insurance benefits, expanding eligibility and offering workers an additional $600 a week for four months, on top of what state unemployment programs pay, and will give Americans four months-worth of their income if they are furloughed or lose their job due to COVID-19. And creates an employee retention tax credit to incentivize businesses to keep workers on payroll during the crisis. — $500 billion for a major corporate liquidity program through the Federal Reserve, which will be overseen by an inspector general and an oversight board. — $150 billion through a Coronavirus Relief Fund for making payments to States, Tribal governments, and units of local government. –$100 billion for hospitals and providers. — $16 billion for the Strategic National Stockpile to procure personal protective equipment (PPE), ventilators, and other medical supplies for federal and state response efforts.
— $11 billion for the Public Health and Social Services Emergency Fund for the manufacturing, production, and purchase of vaccines, therapeutics, diagnostics, and other medical or preparedness needs. — $4.3 billion for the Centers for Disease Control and Prevention (CDC). — $1 billion for the Indian Health Service. — $80 million for the Food and Drug Administration (FDA). — $706 million for the National Institute of Allergy and Infectious Diseases (NIAID). — $425 million to the Substance Abuse and Mental Health Services Administration (SAMHSA). — $367 billion in federally guaranteed loans for small businesses. — $25 billion in direct financial aid to struggling airlines and $4 billion for air cargo carriers.
$30 billion in emergency education funding. — $25 billion in transit funding. — $30 billion for the Disaster Relief fund.