An important message about the Coronavirus Aid, Relief, and Economic Security (CARES) Act
Hello,
In the House, we are moving swiftly and decisively to meet the coronavirus pandemic with the urgency and seriousness it demands. That means getting funding and resources where they’re needed, now.
This CARES Act was approved a little more than a week ago and includes several new programs that will directly help people in California’s 2nd District. For individuals and families, the CARES Act:
- Provides a direct cash rebate of up to $1,200 per taxpayer and $500 per child
- Expands eligibility for Unemployment Compensation to those who are not usually eligible, including those who are self-employed and independent contractors
- Provides an additional $600 per week to each recipient of Unemployment Compensation for 4 months and extends benefits for those whose benefits were scheduled to expire
- Defers student loan payments on Federally-backed student loans and stops interest accrual for 6 months
- Waives the tax on seniors who elect not to take the Required Minimum Distribution from their retirement accounts in 2020
- Limits evictions for renters and foreclosures for homeowners with Federally-backed mortgages
- Ensures COVID-19 testing is covered by all private insurance plans without cost sharing
The CARES Act also provides $376 billion in relief for small and medium-sized businesses and nonprofits through:
- Paycheck Protection Program: Provides loans to employers to maintain payroll. If payroll is maintained, the loan is forgiven.
- Emergency Economic Injury Grant: Provides an advance, which does not need to be repaid, of up to $10,000 within 3 days of applying for an Economic Injury Disaster Loan.
- Small Business Debt Relief Program: Provides immediate relief with non-disaster loans and microloans.
- Tax Provisions: Provides employee retention credit for employers subject to closure or economic hardship through a refundable payroll tax for 50% of wages and delays payment of employer payroll taxes.
Visit my website at huffman.house.gov/coronavirus for more information on how you or your business can access the support provided by this legislation.
But even with the improvements that were made to this bill, Congress will need to do more – and soon – to help families, workers, and the economy.
Although we can’t hold a normal session of Congress in DC, we are working around the clock to make sure our community remains resilient both during and after this crisis. If you have questions about how these programs may help you, your family, or your business, please don’t hesitate to contact my office for assistance. That number is 415-258-9657.
If you would like to keep up with what I am doing as your representative, please subscribe to my newsletter, and follow me on Facebook, Twitter, and Instagram.
Thank you, and stay well,
Jared Huffman
Member of Congress
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