What the $2 Trillion CARES Act Means for You

Just moments ago, President Trump signed into law the Coronavirus Aid,
Relief and Economic Security Act, or "CARES Act." The bill
-- Phase 3 of the COVID-19 federal aid package -- was passed by voice
vote in the House of Representatives this afternoon and on Wednesday
by a unanimous (96-0) vote in the Senate.

The CARES Act $2 trillion price tag represents the largest aid
package in U.S. history and contains many important provisions for
individuals, businesses, nonprofits, and of course - healthcare. Here
is a breakdown of the measures we believe to be most important to
families across the nation:

Individuals & Families

* Most Americans will receive a stimulus payment of at least
$1,200. Payments will be received in April via direct deposit,
or by mail if the IRS does not have your bank account
information.

* Single Americans who make up to $75,000 per year (including
those on Social Security) will receive $1,200 plus $500 per
child.
* Married couples who make up to $150,000 per year (including
those on Social Security) will receive a check for $2,400 plus
$500 per child.
* Individuals who make between $75,000 and $99,000 per year, and
married couples who earn between $150,000 and $198,000 per year,
will receive a check for less than $1,200. (The payment amount
falls by $5 for every $100 in income above the thresholds.)

* Unemployment benefits are increased by $600 per week for up to
four months. A new program - Pandemic Unemployment Assistance -
is created for self-employed and contract workers (including
religious workers) who are typically ineligible for unemployment
insurance.

Businesses

* $350 billion for loans to small businesses and 501(c)(3)
nonprofits for eight weeks.
* Loan forgiveness provided for payroll costs, mortgage interest,
rent and utilities.
* Increases the maximum loan amount for Small Business
Administration express loans from $350,000 to $1 million through
Dec. 31, 2020.
* Automatic deferral payments provided on SBA loan products for
six months.
* Expedites access to capital for small businesses that have
applied for an SBA Economic Injury Disaster Loan. Businesses may
request an advance of up to $10,000 for covered leave, payroll
and debt obligations.
* $275 billion in grants and funding for training and assistance
to small businesses affected by COVID-19.

Healthcare

* $117 billion for hospitals and veterans' health care
* $16 billion for the strategic national stockpile
* $11 billion for vaccines and therapy

Pro-Life Provisions

* The Hyde Amendment, which prohibits federal funding of elective
abortions and elective abortion coverage, will apply to new
health funding in the bill, including $100 billion for hospitals
and other health care providers.
* Planned Parenthood is excluded from small business loan
assistance. The Small Business Administration's
affiliation rules are applied to nonprofits with less than 500
employees for loans and forgiveness of payroll costs. (Planned
Parenthood's approximately 16,000 employees far surpass
the threshold.)

Faith-Based Provisions

* 501 (c)(3) organizations, including faith-based nonprofits and
houses of worship, with less than 500 employees are eligible for
government-guaranteed loans through the Paycheck Protection
Program.
* Economic Injury Disaster Loans eligibility is expanded to
include nonprofit organizations.
* A $300 charitable giving tax deduction is provided for 2020, on
top of the standard deduction. (Sen. James Lankford offered an
amendment to increase the limit to $4,000 for individuals and
$8,000 for married couples, but it was not adopted.)

While much more is included in the bill than we have listed here, we
hope you find this summary informative and helpful. This is most
certainly a challenging time in the history of our nation, for every
family, business and industry. As we trust in the Lord day by day, may
we also do all that we can to help "flatten the curve" and
keep America safe.

You have no doubt heard of President Trump's 15 Days to Slow
the Spread initiative. Americans are asked to help contain the
coronavirus by practicing social distancing, good hygiene and avoiding
discretionary travel. The president's 15-day initiative is in
effect through Tuesday, March 31. We hope you will join us in heeding
the president's recommendations to help keep Americans safe.

[link removed]

Thank you for reading, and for standing with us in faith during this
trying time!

Sincerely,

Autumn Leva
Vice President of Strategy



Donate: [link removed]


Mailing Address:
8675 Explorer Drive, Suite 112
Colorado Springs, CO 80920
(866) 655-4545
FamilyPolicyAlliance.com


[link removed]
[link removed]
[link removed]



© Family Policy Alliance


Click here to unsubscribe or change your email preferences
[link removed]