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Stimulus bill passes Senate, House expected to give approval
By staff reports,with the assistance of Rachel Stephens, Communications Director for Rep. John Ratcliffe
Mar 27, 2020
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The Coronavirus Aid, Relief, and Economic Security Act passed by a unanimous 96-0 vote in the U.S. Senate Wednesday, March 26, 2020 and the U.S. House of Representatives are expected to give a green light to the unprecedented $2 trillion economic relief bill.

Here are some of the expected provisions in the bill.

American families will receive a one-time tax rebate check of $1,200 per individual, $2,400 per couple and $500 per eligible child.

There are reduced rebates for higher income earners, starting at $75,000 for individuals, $112,500 for head of household, and $198,000 for married couples.

Rebates phase out completely at $99,000 for individuals and $198,000 for married couples.

Checks should begin arriving in May.

The bill allows for expanded unemployment insurance to cover gig workers and self-employed and non-profit employees.

Small business assistance

The stimulus bill will also attempt to address the needs of small business under duress with a new SBA-backed loan program to help small businesses pay for expenses. In addition, loans taken by small business to keep employees on the payroll may be forgiven. 501 (c)(3)s will also be eligible for this program.

The 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 are 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

The bill will fund an increase in the Medicare reimbursement rate to assist providers caring for our most vulnerable population. It also increases access to testing by allowing the Strategic National Stockpile to stockpile swabs necessary for test kits and allows the FDA to quickly approve the use of new medication and treatments.

The Coronavirus Aid, Relief, and Economic Security Act facilitates the use of new and innovative telemedicine technology to protect and contain the spread of COVID-19 by providing direct funding to combat the pandemic with $340 billion of supplemental appropriation and $150 billion for states, cities and localities to fight the pandemic.