“The coronavirus pandemic poses the greatest threat to Americans that we have seen in decades,” said Blunt. “People are scared for their health and the health of their loved ones. Businesses large and small are struggling to stay afloat. Workers are worried about losing their jobs and not being able to make ends meet. Healthcare providers and first responders are putting their lives on the line every day to take care of people in their communities. We have to speed relief to everyone who needs it and the CARES Act the Senate just passed does that.
“Over the past month, Congress came together to quickly pass immediate emergency funding for health-related response efforts. We followed that by passing a second package that addressed paid sick leave for individuals and family caregivers, enhanced unemployment insurance and food assistance, and increased healthcare funding for states. The CARES Act builds on those efforts by providing direct financial assistance to individuals and families, helping small businesses maintain their payrolls, stabilizing major sectors of our economy, and, most importantly, making sure healthcare providers have what they need to fight this pandemic. The House must now act to get this phase three package to President Trump as soon as possible.”
The non-partisan website, Politico, released a good summary of the bill, which can be read here.
If you are interested in a deeper dive, we have included a section by section summary that is a much faster read than the 800 pages of the bill and will give you a good idea of how this may impact you, your family or your business. For the legislative readers among us, MAM has also included the full bill.
The third document is an account provided by the appropriations committee, generalizing where $2 Trillion dollars gets spent and a brief description of the intention for the money.
The last attachment below is a quick reference guide for the Paycheck Protection Program (PPP), Entrepreneurial Assistance, Emergency EIDL Grants, and Small Business Debt Relief.
As the House picks up the bill, a pass vote is expected Friday, with President Trump saying he will sign the legislation immediately.