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Last week Congress came together at lightning speed in a massive bipartisan effort to support American workers and families affected by the coronavirus pandemic. The Coronavirus Aid, Relief, and Economic Security Act will provide immediate relief to individuals, businesses, and public institutions in order to prevent this public health crisis from tripping over into economic catastrophe.
Here's what the CARES Act delivers for you:
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Direct cash payments to low and middle income workers: individuals earning less than $75,000 and couples earning less than $150,000, will each receive a check for $1200. Filers will also receive an additional $500 per child. Payments will decrease incrementally as income approaches $99,000 for single filers and $198,000 for joint filers; those making over those income thresholds will not receive a payment.
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Expanded unemployment benefits: increased unemployment benefits by an additional $600 per week on top of existing state benefits for the next four months.
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Extended eligibility for unemployment benefits to independent contractors, freelancers, and gig workers.
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Increased funding for small business loans, including forgivable loans to small businesses who use the loan to keep their employees on payroll, pay their rent or mortgage, or pay utility bills.
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Support to your state and local governments in their efforts to mitigate the effects of the coronavirus in your community.
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Funding for hospitals, health care workers, and medical research to support the care they are providing, including the production and purchase of Personal Protective Equipment (PPE) to keep our medical providers safe and healthy.
We are heading into a critical month, and working together we can all flatten the curve and save lives. And while the CARES Act will help us get through this as a country, I know our work in Congress is not done. I will keep up the fight to ensure our communities have what they need to survive.
Jim
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