Washington, DC — Congressman Pete Olson (TX-22) today applauded the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This landmark legislation provides unprecedented assistance to medical professionals, hospitals, small businesses, workers and families impacted by the COVID-19 pandemic.
“Americans may be keeping our distance from one another to prevent the spread of COVID-19, but today’s passage of the CARES Act shows that our nation has never been closer in spirit,” Olson stated. “The CARES Act carries a large price tag, but it’s a necessary one. Nothing is more important right now than providing resources to combat coronavirus, protecting our communities and bolstering our economy. American workers and families are struggling, through no fault of their own. Now is not the time to make the perfect the enemy of the good, and the CARES Act accomplishes a definite good. While I am disappointed family needs kept me from voting in person today, I am glad to see the CARES Act passed the House, and remain committed to continue to do everything in my power to help the people of TX-22 through these challenging times.”
Additional information:
The CARES Act represents “Phase 3” of Congressional action to provide coronavirus-related aid to the American people and resources to hospitals and medical professionals working to fight the virus and care for the sick. It is the largest economic stimulus package ever passed by Congress, totaling $2 trillion.
The CARES Act provides:
- 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.
- 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.
- 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.
- 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.
- 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.
- $340 billion supplemental appropriation