On March 27, 2020 President Trump signed into law one of the largest stimulus packages in American history in response to the COVID-19 pandemic. This is the 3rd stimulus package passed by Congress that is meant to address the needs of the health-care community and the economic downturn caused by the global pandemic.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act can be downloaded by clicking H.R. 748, as amended.
Below are highlights of H.R. 748, as amended:
Extends & expands Unemployment Insurance program by increasing the maximum unemployment benefit amount by $600 per week above one’s base unemployment compensation benefit and ensures that workers who are laid-off or out of work, on average, will receive their full pay for four months.
Payments to American taxpayers. Based upon filed 2018 or 2019 tax year, individuals who make up to $75,000 annually could receive $1,200. For married couples it doubles to $2,400. $500 is provided for each child. Payments would decrease by $5 per $1000 earned for those making more than $75,000, with an income cap of $99,000 per individual or $198,000 for couples.
The final filing date for 2019 taxes will be extended from April 15 to July 15, 2020.
$150 billion for a “Marshall Plan” for hospitals and other medical facilities to provide necessary care during this pandemic. It provides a new grant program for hospitals and health care providers, personal and protective equipment for health care workers, testing supplies, increased workforce and training, new construction to house patients, emergency operation centers and more. 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.
$150 billion for Coronavirus Relief Fund. Each state will receive at least $1.25 billion. Local governments with populations of 500,000 or more are also eligible for aid. The definition of Local Government included in the legislation is …. The term ‘unit of local government’ means a county, municipality, town, township, village, parish, borough, or other unit of general government below the State level with a population that exceeds 500,000.
Provides $367 billion in new federally-guaranteed loans to small businesses to address immediate cash-flow problems. The funds are meant to help small businesses pay core expenses such as paying workers, paid sick leave and paying their rent or mortgage. The loans would be forgiven if the businesses maintain their payroll.
Small Business Administration (SBA) link: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
Oversight, transparency, accountability for loans to businesses
- Prohibits stock buybacks for one year,
- Prohibits Executive bonuses,
- Prohibits businesses related to Government officials from receiving loans,
- Creates a new accountability committee and congressional oversight committee for funds disbursed through the stimulus package.
$30.75 billion for grants to provide emergency support to local school systems and higher education institutions to continue to provide educational services to their students and support the on-going functionality of school districts and institutions.
$1.5 billion for the National Guard to support to the hardest hit States and territories.
Of a total $500 billion, $454 billion is provided to allow the Federal Reserve to disburse an additional $4 trillion in guarantee collateralize loans to eligible businesses, States, and municipalities. This is meant to provide liquidity to the financial system that supports lending to eligible businesses, States, or municipalities by—(A) purchasing obligations or other interests directly from issuers of such obligations or other interests;(B) purchasing obligations or other interests in secondary markets or otherwise; or(C) making loans, including loans or other advances secured by collateral.whose operations have been jeopardized by the coronavirus pandemic.
$25 billion is provided for passenger airlines, $4 billion for cargo air carriers, and $17 billion for businesses critical to maintaining national security.
Animal Plant Health Inspection Service (APHIS):
$55,000,000 to remain available until September 30, 2021, for necessary expenses for salary costs associated with the Agriculture Quarantine and Inspection Program
Agricultural Marketing Service:
$45,000,000 to remain available until September 30, 2021, for necessary expenses for salary costs associated with commodity grading, inspection, and audit activities.
Food Safety Inspection Service:
$33,000,000 to remain available until September 30, 2021, for support of temporary and intermittent workers, relocation of inspectors, and costs of overtime for inspectors under the Federal Meat Inspection Act, the Poultry Products Inspection Act, and the Egg Products Inspection Act.
Farm Service Agency:
$3,000,000 to remain available until September 30, 2021, for necessary expenses to hire temporary staff and overtime expenses.
Rural Business Program Account:
$20,500,000 to remain available until September 30, 2021, for the cost of loans for rural business development programs.
Distance Learning, Telemedicine, and Broadband Program:
$25,000,000, to remain available until expended, for telemedicine and distance learning services in rural areas.
Child Nutrition Programs:
$8,800,000,000 to remain available until September 30, 2021.
Supplemental Nutrition Assistance (SNAP) Program:
$15,810,000,000, to remain available until September 30, 2021.
Commodity Assistance Program:
$450,000,000, to remain available through September 30, 2021.
Commodity Credit Corporation:
$14,000,000,000 for Reimbursement for Net Realized Losses.
The Secretary may extend the term of a marketing assistance loan authorized by section 1201 of the Agricultural Act of 2014 (7 U.S.C. 9033) for any loan commodity to 12 months.
The U.S. House Committee on Agriculture launched a resources webpage for food and agriculture and COVID-19. As more is learned working with partners at U.S. Department of Agriculture and elsewhere, The Committee will update this page, as well as with any resources that will be beneficial to anyone looking for guidance.
Food and Drug Administration (FDA)
$80,000,000 for the development of necessary medical countermeasures and vaccines, advanced manufacturing for medical products, the monitoring of medical product supply chains, and related administrative activities.
National Institute of Standards and Technology (NIST)
Scientific and Technical Research and Services:
$6,000,000 to support continuity of operations, including measurement science to support viral testing and biomanufacturing.
Industrial Technology Services:
$60,000,000 for the Hollings Manufacturing Extension Partnership to assist manufacturers to prevent, prepare for, and respond to coronavirus and the National Network for Manufacturing Innovation (also known as ‘‘Manufacturing USA’’) to support development and manufacturing of medical countermeasures and biomedical equipment and supplies.
Department of Homeland Security
Federal Emergency Management Agency:
$44,987,000 for enhancements to information technology and for facilities support.
Disaster Relief Fund:
$45,000,000,000, to remain available until expended. Of which $25,000,000,000 is for major disasters declared pursuant to the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 et seq.).
$100,000,000 shall be for Assistance to Firefighter Grants for the purchase of personal protective equipment and related supplies, including reimbursements.
Environmental Protection Agency
$6,160,000 for necessary expenses for cleaning and disinfecting equipment or facilities.
U.S. Forest Service
$34,000,000 for cleaning and disinfecting of public recreation amenities and for personal protective equipment and baseline health testing for first responders.
$26,800,000 for janitorial services.
Wildland Fire Management:
$7,000,000 for personal protective equipment and baseline health testing for first-responders.
Federal Aviation Administration
Grants in Aid for Airports:
$10,000,000,000 available for any purpose for which airport revenues maylawfully be used.
Transit Infrastructure Grants:
$25,000,000,000, to remain available until expended.