CARES Act Gives America a Fighting Chance
The CARES Act contains smart, proven relief measures for small businesses, families, and workers. Democrats' efforts to derail this bill wasted critical days and did unnecessary damage to our economy, however, Republicans have worked hard to keep Speaker Pelosi's overtly socialist and Green New Deal policies out of the final text.
Early Wednesday morning, the Trump Administration, Senate Republicans, and Senate Democrats came to an agreement on the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Last night, the Senate overwhelmingly passed the CARES Act by a vote of 96-0.
On Friday, the CARES Act will come before the House of Representatives for consideration. This legislation provides desperately-needed resources to healthcare providers and patients, relief to American workers, families, small businesses, and industries. The measures contained in the CARES Act will stabilize our economy and protect families in this uncertain time.
The CARES Act includes major provisions to:
- Provide grants and loans to small businesses to meet payroll and pay rent.
- Send direct checks to individual Americans of up to $1,200.
- Allow regulatory relief so banks can grant loan forbearance for otherwise healthy businesses struggling while business has been shut down.
- Provide Treasury and the Fed the ability to provide several trillion in assistance to distressed industries, including airlines, through guaranteed loans while also including strong accountability protections.
- Rush resources to hospitals, doctors and other front line providers.
- Expand the use of Telehealth medicine to surge capacity to diagnose and treat patients in a safer and faster environment.
- Temporarily expand unemployment insurance to provide a lifeline for those who have lost their jobs.
- Provide tax policy incentives, such as fixing key technical corrections from the Tax Cuts and Jobs Act, including QIP and NOL.
- Provide liability protection for providers who volunteer (Good Samaritan).
- Allow HSAs to be used to purchase over-the-counter medicines.
- Extend expiring health extenders to November.
Our Republican Leaders have been extensively involved in the negotiations over the CARES Act. Please see the following documents from our committees detailing CARES Act specifics.
House Committee on Ways and Means
Summary of Health, Tax, Unemployment, Small Business, and Distressed Industries Provisions
Summary of Key Unemployment Insurance (UI) Provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
House Small Business Committee
Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
CARES Act Small Business Frequently Asked Questions (FAQ)
Paycheck Protection Program and Loan Forgiveness
House Appropriations Committee
CARES Act - Detailed Funding Summary
House Committee on Education and Labor
CARES Act Education and Labor Provisions
House Committee on Financial Services
Key Financial Services Provisions in the CARES Act
House Committee on Energy and Commerce
Energy and Commerce Summary of CARES Act Provisions
Committee on House Administration
Summary of Elections and Legislative Branch Provisions
House Committee on Transportation and Infrastructure
Highlights of CARES Act T&I Committee Related Provisions
CARES Act - Jobs & Economic Importance of U.S. Infrastructure Network
Frequently Asked Questions - T&I Related Provisions
The full, final text of the CARES Act can be found here or by clicking on the image below.
BOTTOM LINE: The American people need help now and the CARES Act delivers. The House of Representatives must rise to the moment — we cannot, will not, let a public health crisis spiral into a preventable financial crisis for American families.