On March 19, 2020, Senate Majority Leader Mitch McConnell released the text of a third proposed emergency stimulus measure aimed at helping the American people and businesses in response to the fast-developing coronavirus (COVID-19) outbreak. The Senate Republican measure calls for direct financial help to Americans, immediate assistance for healthcare first responders and patients, support for small businesses, and assistance for distressed industries.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes many provisions to support the economy while the nation works its way through the COVID-19 outbreak. The proposed relief measure will, among other things:
- Provide every American who makes less than $99,000 a year a $1,200 check, and if they have a child, an additional $500 per child.
- Provide $300 billion for small businesses through federally backed loans that can be forgivable if payroll is maintained. The loans are available to any business that was active on March 1, 2020 and employed individuals.
- Provide $208 billion in loans for major industries that have been impacted by COVID-19. That amount includes $50 billion for the U.S. airline industry, $8 billion for cargo air carriers, and $150 billion for other eligible entities.
- Delays tax filings for all Americans by 90 days until July 15.