[134] Writing in The New Republic, journalist Alex Shephard nevertheless questioned how the Republican Party "... had come to embrace big spending" when, during the Great Recession, no Republicans in the House and only three in the Senate supported President Barack Obama's $800 billion stimulus, known as the American Recovery and Reinvestment Act of 2009 (ARRA), often citing the deficit and national debt. These higher uncollectible expenses may have to be written off by the utilities as bad debt and recouped through rates charged to other customers. This gives you the opportunity to amend previous years returns to claim the loss and receive a refund, freeing up valuable cash flow.
[98] Immediately thereafter, "Dow futures hit their 5% 'limit down' overnight, and were off 600 points at one stage Monday morning.
The Act expressly prohibits certain covered entities from receiving assistance. The loans would not accrue interest or require any payments for the first six months. The bill establishes limits on requirements for employers to provide paid leave. In addition, there is no recourse against any individual shareholder, partner, or member, except if that person uses loan proceeds for unauthorized uses. Here is a look at specific provisions of the CARES Act that booksellers should know. The MFP program has helped to transition many Medicaid beneficiaries from receiving care in institutional-based settings to receiving care in home and community-based settings. However, there are a number of additional programs that do not fit squarely in these categories that are nonetheless important policy provisions that impact communities, individuals, and businesses. The Coronavirus Aid, Relief, and Economic Security (CARES) Act is the “phase three” legislative response to the COVID-19 crisis.
In addition, qualified individuals who are not able to look for work due to COVID-19-related issues are considered eligible. Paycheck Protection Loans may be used for payroll costs (as described above), rent, utilities, interest on mortgages, and interest on other debt incurred before February 15, 2020. Under the Act, interest rates are not to exceed 4 percent and the remaining loan balance will have a maturity of not more than 10 years, with the SBA guarantee for that portion of the loan remaining.
As the revenues that sustain this essential service are severely impacted due to a reduction in fare box revenue and dedicated sales taxes, this increased federal investment will help to sustain more than 430,000 transit jobs and preserve access to our public service and critical workforce that are the backbone of our COVID-19 prevention, response, and recovery efforts.
Further reading: Will I Get a Stimulus Check If I Owe Taxes? This funding also includes potential grants to groups of small business education centers for the development of consolidated online platforms for education. The Act postpones the effective date of the excess business loss limitation in Code Sec. The bill authorizes emergency loans to distressed businesses, including air carriers, and suspends certain aviation excise taxes. ", Coronavirus Aid, Relief, and Economic Security Act, Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020, Paycheck Protection Program and Healthcare Enhancement Act, https://www.govinfo.gov/content/pkg/BILLS-116hr748enr/pdf/BILLS-116hr748enr.pdf, Medicare Advantage plans with prescription drug benefits, COVID-19 Congressional Oversight Commission, American Recovery and Reinvestment Act of 2009, Great American Economic Revival Industry Group, Financial impact of the COVID-19 pandemic, Coronavirus Preparedness and Response Supplemental Appropriations Act, Paycheck Protection Program and Health Care Enhancement Act, Great American Economic Revival Industry Groups, List of acts of the 116th United States Congress, 2020 in United States politics and government, Health and Economic Recovery Omnibus Emergency Solutions Act, "House Coronavirus Relief Bill Would Boost Federal Employee Benefits", "Senate scrambles to strike deal on $1T pandemic relief for businesses, families", "As Coronavirus Spread, Largest Stimulus in History United a Polarized Senate", "Trump signs $2.2T stimulus after swift congressional votes", "What's Inside The Senate's $2 Trillion Coronavirus Aid Package", McConnell introduces third coronavirus relief proposal, 300 Billion SBA Loan Program Expansion Considered By Congress, $2 Trillion Coronavirus Stimulus Bill Is Signed Into Law, "Senate passes $2 trillion coronavirus stimulus package, sending it to the House", "Legislative History of CARES Act Doesn't Prove COVID-19 Conspiracy", "MIDDLE CLASS HEALTH BENEFITS TAX REPEAL ACT OF 2019--MOTION TO PROCEED; Congressional Record Vol.
Summary of CARES Act for Employers By David R. Lagasse, Danielle M. Bereznay Congress has now passed the Coronavirus Aid, Relief and Economic Security Act or CARES Act – Federal government’s Phase III response to the health and economic impacts related to the COVID-19 pandemic. Additionally, the Act provides the following additional significant funding targeted to increase the use of telemedicine: Section 3831 contains extenders for three public health programs: community health centers (CHCs), the National Health Service Corps, and the Teaching Health Center Graduate Medical Education (THCGME) program. There is not a clearly indicated borrowing limit, but we presume payroll would be part of the bank’s calculation.
The most impactful portion of this is the Paycheck Protection Program (PPP), a $349 billion loan program available through the Small Business Administration.
youâre eligible for a payroll tax credit, The Paycheck Protection Program and Health Care Enhancement Act: What You Need to Know, The Express Bridge Loan Pilot Program (A Simple Guide), Six Steps to Take If COVID-19 Shuts Down Your Business, COVID-19 Resources for Small Businesses, State by State, Leading a Small Business Through a Recession: Five Best Practices, How to Get an SBA Disaster Loan (COVID-19), Getting Through COVID-19: A Financial Game Plan for Small Businesses, The Coronavirus Relief Bill: Every Benefit for Small Businesses, Car Insurance During COVID-19: Discounts, Rebates, and Refunds, Creation of the Paycheck Protection Program, Emergency grants for businesses applying for SBA Economic Injury Disaster Loans, Increased funding for business education programs, Relaxed criteria for filing Chapter 11 bankruptcy, Small businesses with 500 or fewer employees or fall within the, Restaurant, hotel, or business that falls within the North American Industry Classification System (NAICS) code 72, âAccommodation and Food Services,â and each location has 500 or fewer employees, Independently owned franchises with less than 500 employees, Sole proprietors, independent contractors, gig economy workers, and self-employed individuals, Recovery rebates of up to $1,200 per person, Retirement account early withdrawal penalty waived, An additional $600 per week for up to four months for anyone receiving unemployment benefits, For states that waive the first week waiting period, the government will cover that cost, Once your state unemployment benefits run out, if you are still unemployed, you can qualify for an additional 13 weeks of unemployment benefits, Head of household with one child: $146,500, Testing for COVID-19 is 100% covered by private insurance plans with no cost to patients, Uninsured people can be tested for COVID-19 for free if their state Medicaid program elects to offer this, Once a vaccine is created, it will be provided for free within 15 days, $25 billion for passenger air carriers, aviation repair stations, and airline ticket agents, $17 billion for businesses critical to maintaining national security, $454 billion to support the Federal Reserveâs lending facilities. Not less than $450,000,000 shall be distributed through IHS directly operated programs and to tribes and tribal organizations under the Indian Self-Determination and Education Assistance Act and through contracts or grants with urban Indian organizations under Title V of the Indian Health Care Improvement Act.
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