(3-28-20) The following email comes from Ohio’s 12th District US Representative Troy Balderson on the recent CARES Act passed by Congress.
It shares what the package contains and what it will provide.
This is a pivotal moment for our country, full of uncertainty and fear about the future. Ohioans are worried about their loved ones, their jobs, and their health. That is why I returned to Washington this morning to vote in favor of the CARES Act, phase three of the 2019 Novel Coronavirus (COVID-19) relief package.
Passage of this legislation builds on the meaningful investments I supported in phases 1 and 2 of COVID-19 relief funding and delivers necessary economic support for Ohio’s families, small businesses, healthcare workers, and patients. Below, I have highlight a few of the major provisions of the bill.
My office continues to communicate with federal, state, and local officials regarding the public health response to this crisis. I remain available to assist you and your family during this challenging time and invite you to call my office at (614) 523-2555 for any help you may need. I will continue to provide periodic updates and encourage you to check out my website at Balderson.House.Govfor the latest COVID-19 news and information.
Troy Balderson, Member of Congress
Relief for America’s Families
- Financial relief for families through a one-time tax rebate of $1,200 per individual and $2,400 per married couple, and an extra $500 per dependent child.
- $3.5 billion for child care services to lessen the financial impact on working families.
- $31.1 billion for K-12 schools, colleges, universities, libraries, and museums, as well as for public radio and television, which are providing additional coverage during the crisis.
- Prohibits foreclosures for 60 days and provides other mortgage flexibilities.
- Waives penalties for early withdrawals from certain retirement accounts, among other options.
- Offers tax relief for certain employer-funded student loan repayment programs.
- Defers federal student loan repayment obligations for up to six months, without penalty.
- Waives federally required standardized testing for K-12 students.
Relief for America’s Job Creators
- Support for small businesses to stay afloat and keep employees on payroll through the Paycheck Protection Program, along with funding for Small Business
- Administration (SBA) emergency grants and deferral of up to 6 months of loan payments.
- $500 billion to provide direct lending, loan guarantees, and other investments to eligible businesses, states and municipalities
- Provides capital for small businesses, investing $1.5 billion in Economic Adjustment Assistance.
- Creates an Employee Retention Tax Credit for employers, covering up to 50 percent of payroll costs to encourage companies to keep more workers on the job during the crisis.
- Allows companies to defer payments of employer payroll taxes until 2022.
Fixes depreciation rules to incentivize small businesses, including restaurants, to reinvest in their facilities and hire local contractors.
Relief for America’s Healthcare Workers and Patients
- Full mobilization of America’s healthcare sector, including $100 billion in direct funding to hospitals and health systems.
- Invests $28 billion for research on improved testing, treatments, and the pursuit of a vaccine, as well as the purchase of medical supplies and personal protective equipment (PPEs).
- $200 billion for frontline healthcare efforts to combat COVID-19.
- Invests $340 million for rural broadband access, aimed at strengthening tele-health capabilities and limiting the risk of exposure while improving rural access to care.
- Expands the use of health savings acounts (HSAs) so Americans can purchase the medical products and services they need.
- Increases funding for rural and community health centers, and expands patient service options.
- Expands Medicare coverage benefits, including access to tele-health.