How The CARES Act Supports Hardworking Americans
WASHINGTON, D.C. -- Right now, our nation is fighting two crises simultaneously. We are fighting a serious health crisis, COVID-19. And, as a result of fighting this serious public health crisis, we are also fighting a serious economic crisis.
Small businesses across this country have seen their customers disappear and are on the verge of bankruptcy. Just last week, a record-breaking 6.6 million Americans sought unemployment assistance.
If you have lost your job or are unable to earn a paycheck because of the COVID-19 outbreak, you might be wondering how the $2.2 trillion emergency relief bill (also known as the CARES Act) Congress passed last week helps you, your family, and those in your community who are also struggling.
The CARES Act provides immediate cash relief for hardworking men and women and their families.
• Every American earning under $75,000 ($112,500 for head of household) a year will receive a one-time check of $1,200, plus $500 per child.
• Every couple earning under $150,000 a year will receive a one-time check of $2,400, plus $500 per child.
The CARES Act also supports those individuals who have lost their job or are unable to earn a paycheck as a result of COVID-19 by:
• Increasing access to unemployment compensation for workers who would not generally be eligible for these benefits and raises the amount of benefits.
• Extending coverage to the self-employed, including independent contractors and gig workers, increases the duration of benefits to up to 39 weeks, and increases state-allowed compensation by $600 per week through July.
As we all adjust to social distancing guidelines, the CARES Act also expands access to health savings accounts to cover telehealth and over the counter drugs without a prescription.
And the CARES Act empowers those small business owners and job creators who have had to shut their doors with the means to rehire their employees and keep them on payroll. More than $370 billion in emergency loans was appropriated to small businesses – which can have access through their community bank or other approved small business lender starting Friday, April 3, 2020.
Earlier this week, I appeared on Bloomberg TV and radio, Fox Business’ Mornings with Maria, The Hugh Hewitt Show, Dallas’ The Mark Davis Show, Lubbock’s Chad Hasty Show, and Houston’s Sam Malone Show to talk about the provisions of the CARES Act that will deliver real and meaningful relief to millions of Americans and the steps the Trump administration and Congress must continue to take to defeat COVID-19 and save lives.
We’re fighting two serious crises at the exact same time. But I know that if we stick together, support one another, and listen to the medical experts, we will defeat this disease and our economy will recover stronger than before.
Keep Texas Strong,