Today marks one week since the Senate passed the
Coronavirus, Aid, Relief, and Economic Security (CARES) Act, and five
days since President Trump signed the bill into law. This phase
3 of coronavirus emergency legislation will assist workers, families
and small businesses who face financial fallout during this
extraordinarily difficult time. With President Trump extending the Centers
for Disease Control and Prevention (CDC) social
distancing guidelinesthrough April 30, Americans continue to search
for information to help answer their questions about relief checks,
small business assistance and state-wide stay-at-home orders.
As the days of uncertainty surrounding the COVID-19 pandemic
continue, you can find more information regarding the state of Idaho, the
CDC, small business assistance and the Internal Revenue Service (IRS) by
visiting my website at: https://www.crapo.senate.gov/services/covid19. I continue to follow CDC social
distancing and hygiene guidelines, and encourage all Idahoans to do the same
to help us “flatten the curve” and reach the other side of
this crisis together. Below is information regarding the CARES
Act, as well as information to warn and protect individuals from
scammers using this time of fear and confusion to target vulnerable
people.
Phase 3--The CARES
Act
The CARES Actputs needed cash
directly into the hands of American workers and families, provides rapid
relief to small businesses, helps stabilize our markets and the
economy, and sends a massive new infusion of resources to the front lines of
the medical response.
As Senate Banking Committee Chairman, I
worked on the Senate task force charged with addressing small and
mid-size business, and market liquidity issues. I also led negotiationson a provision that designates $500
billion to the Exchange Stabilization Fund housed within the U.S.
Treasury Department. The Federal Reserve will use $454 billion of this fund
to stabilize markets and provide broad-based loans to eligible
businesses, States, municipalities and Tribes that have incurred losses
related to this coronavirus. Importantly, the Federal Reserve can
leverage this money to inject many times that amount into the marketplace,
unleashing upwards of $4 trillion into the economy. The
legislation also states that the Federal Reserve has discretion to establish
a Main Street Lending Program or similar facility that supports
lending to small and mid-size businesses. This will be a critical tool
as Main Street businesses seek funding to stay open and keep their
employees on payroll until this crisis has passed.
The CARES Act
takes a number of additional bold steps to preserve and protect the
economic foundations of our nation and help those on the front lines
fighting this epidemic:
- Direct financial help for the
American people including cash payments, expanded access to unemployment
insurance and delayed tax filing deadlines;
- Rapid relief for
small businesses and incentives to keep their employees on payroll,
including farming enterprises with 500 or less employees;
- $9.5
billion for impacted agriculture producers;
- $14 billion for
the Commodity Credit Corporation, which funds agricultural programs
to strengthen commodity and income support programs, natural resources
conservation and disaster assistance;
- Significant steps to
stabilize our economy, keep businesses open and protect jobs;
-
Bolstered telehealth capabilities and additional flexibilities;
- Increased support for health care services at the U.S. Department
of Veterans Affairs (VA) facilities;
- Ensured patient access
to any future COVID-19 vaccine by waiving cost-sharing requirements
in private and federal health insurance programs;
- Expansion
of and increased funding for the Strategic National Stockpile to
include personal protective equipment; and
- More support for the
brave health care professionals and the patients fighting the
coronavirus on the front lines.
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