CARES ACT STIMULUS PACKAGE SUMMARY

From U.S. Congresswoman Jan Schakowsky:

 

CARES ACT STIMULUS PACKAGE SUMMARY


 

Here are some highlights of what we passed in the House today, and what has been signed into law.

UNEMPLOYMENT INSURANCE

  • Full Paycheck Replacement: $600 increase for every American, which equates to 100 percent of wages for the average American without a paycheck struggling through the Crisis
  • Waiving Waiting Weeks: Gets money in people’s pockets sooner by providing federal incentives for states to eliminate waiting weeks.
  • Extension of Benefits: An additional 13 weeks of federally-funded unemployment insurance benefits are immediately be made available.
  • Expanding Access: Allow part-time, self-employed, and gig economy workers to access UI benefits.

INCREASED DIRECT PAYMENTS TO WORKING AMERICANS

  • Democrats fought to double cash payments to the working class Americans from $600 to $1,200
  • An additional $500 cash payment is available per child.
  • The full payment is available for individuals making up to $75,000 (individual) and $150,000 (married).
  • The value begins decreasing and then phases out completely for those making over the full payment income cap.

MARSHALL PLAN FOR OUR HEALTH SYSTEM

The new $150 billion fund is widely available to all types of hospitals and providers most affected by COVID-19, and it will be available to fund whatever is needed to defeat this virus. This includes:

  • Equipment and Infrastructure: Personal and protective equipment for health care workers, testing supplies, increased workforce and training, new construction to house patients, emergency operation centers and more.
  • Enhanced Health Investments: Additional funding is also dedicated to delivering Medicare payment increases to all hospitals and providers to ensure that they receive the funding they need during this crisis, and new investments in our country’s Strategic National Stockpile, surge capacity and medical research into COVID-19.

SMALL BUSINESS RESCUE PLAN 

  • $350 billion in loan forgiveness grants to small businesses and non-profits to maintain existing workforce and help pay for other expenses like rent, mortgage, and utilities.
  • $10 billion for SBA emergency grants of up to $10,000 to provide immediate relief for small business operating costs.
  • $17 billion for SBA to cover 6 months of payments for small businesses with existing SBA loans.

CLICK HERE for more programs and details.

If you have questions about any of the provisions, please call my Chicago office at (773) 506-7100 or at (847) 328-3409.