Stefanik Helps House Pass Coronavirus Aid, Relief, and Economic Security Act
Washington, D.C. – Congresswoman Elise Stefanik voted today to pass the CARES Act, the 3rd legislative phase of Congress’ emergency coronavirus response. This stimulus provides economic relief to small businesses and hardworking families across the North Country.
“During this unprecedented public health crisis, I have prioritized support for our hospitals, healthcare workers, small businesses, and families in the North Country as we combat and ultimately beat COVID-19,” said Congresswoman Stefanik. “I strongly advocated for this economic rescue package focused on North Country small businesses and families in need of immediate relief, and today, Congress came together to deliver that relief for the American worker. I will continue to work on a bipartisan basis to overcome this public health crisis and the economic challenges and uncertainty that have come with it.”
The CARES Act provides:
- Funding for Hospitals, Community Health Centers, and Health Care Workers – provides over $100 billion for hospitals through direct payments and higher reimbursements, further expands access to telehealth services, and provides $16 billion for purchasing PPE and other critical supplies.
- Paycheck Protection Loans to Small Businesses – creates a new “paycheck protection” loan for small businesses that fully forgives the portion of the loan used to keep workers on payroll and pay their rent, mortgage, and utilities over the next few months.
- Direct Payments to American Families – provides an emergency tax rebate check of $1,200 for individuals, $2,400 for married couples, and an additional $500 for each child.
- Expanded Unemployment Insurance for Impacted Workers – expands access to Unemployment Insurance for the self-employed and independent contractors who are not able to work during this public health emergency.
- Additional Tax Relief for Individuals and Main Street Businesses – includes tax provision for businesses and individuals to provide more relief, such as a refundable payroll for employers who keep their workers on payroll despite having to close their doors.
- Financial Support for Distressed Businesses of Any Size – allocates $454 billion through loans and loan guarantees to businesses of any size in distress, with priority for mid-sized businesses that are above 500 but not large corporations, to provide immediate liquidity.
- Funding and Flexibility for Students, Schools, and Colleges – provides over $30 billion for K-12 schools and colleges to help them continue serving their students, pauses all student loan payments, and student borrowers are held harmless if they were not able to finish their semester.
- Relief for Homeowners and Bolstered Housing Assistance – prohibits foreclosures for 60 days and allows homeowners to delay mortgage payments by shifting them to the end of their mortgage, while providing significant funding for programs serving low-income families and the homeless.
Watch Congresswoman Stefanik speak on the House Floor today in support of the CARES Act here.