What Will The Latest Stimulus Mean For You, Your Family And Small Businesses?
4 years ago
The CARES Act was finally passed by the Senate on Wednesday and it passed the House on Friday morning. Within a couple of hours, President Trump had it signed.
“With both the physical and economic health of our country in crisis, this bold legislation is our best path forward,” said Sen. Cornyn.
How the CARES Act helps Texans
Aids the health care industry responding to the pandemic
Provides an additional $100 billion for hospitals
Provides $11 billion for vaccines, therapeutics, diagnostics, and other medical needs
Provides $1.5 billion in support for local, state, and federal public health agencies
Opens up telehealth access for home-based services, community health centers, and rural health centers and provides an additional $1.3 billion for community health centers to treat COVID-19 patients
Provides direct and immediate financial relief to Texans
Allots $1,200 checks to each Texan making less than $75,000 annually ($2,400 for a couple making less than $150,000 annually), plus $500 per child
Allows Texans to access their retirement plans for coronavirus-related expenses without an early withdrawal penalty
Allows Texans to defer student loan payments for 6 months with no penalty or interest
Incentivizes charitable giving by temporarily increasing the amount Texans can deduct from their taxes for charitable contributions, and allows
Expands unemployment insurance (UI) for Texas workers
Provides an extra $600 weekly federal UI benefit on top of the state maximum temporarily
Funds an additional 13 weeks of federally-funded unemployment eligibility for individuals after they’ve exhausted state UI benefits through the end of the year
Temporarily expands UI eligibility to include the self-employed, independent contractors, those with limited work history, railroad workers, and those who worked at non-profit entities
Injects targeted funding to state and local entities
$150 billion for state and local governments, allotted based on population (any city or county with more than 500,000 residents can petition the U.S. treasury directly for funding)
$272 billion in targeted funding for state and local assistance, including:
State, local, and tribal governments
Hospitals and health care workers
Law enforcement and first responders
Scientists researching treatments and vaccines
Small businesses struggling to pay their employees
Local schools and universities
Affordable housing and homelessness assistance programs
The purchase of personal protective equipment (PPE) and medical equipment
Offers relief for Texas businesses
Provides $500 billion in secured loans to affected businesses and establishes an Inspector General and Oversight Board to provide accountability for the loan program
Provides $350 billion for SBA interruption loans
Provides bankruptcy relief for Texas small businesses by raising the maximum debt threshold for eligibility, so that more small- and medium-sized businesses can get through bankruptcy faster and more easily
Delays the employer payroll tax
Increases the amount of deductible business interest allowed
Offers a Temporary Employer Retention Credit for certain businesses
Temporarily freezes the Employer Student Loan Repayment
Allows SBA loan forgiveness for mortgage payments, payroll, and utility payments
Suspends aviation excise taxes through 2020; provides $32 billion in payroll assistance grants for airlines like those based in Texas and supporting industries