On Friday, March 27 Congress passed the Coronavirus Aid, Relief and Economic Security Act or the CARES act. The bill passed with overwhelming bipartisan support as a response to the coronavirus outbreak. It addresses economic impacts of the COVID-19 outbreak. The bill authorizes emergency loans to distress businesses, funding for individuals, special rules for withdraws from retirement plans and other measures with respect to small businesses, taxes, health care and education.
A summary of the bill states,
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With respect to small businesses, the bill
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- establishes, and provides funding for, forgivable bridge loans; and
- provides additional funding for grants and technical assistance.
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The bill also provides funding for $1,200 tax rebates to individuals, with additional $500 payments per qualifying child. The rebate begins phasing out when incomes exceed $75,000 (or $150,000 for joint filers).
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With respect to taxes, the bill
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- establishes special rules for certain tax-favored withdrawals from retirement plans;
- delays due dates for employer payroll taxes and estimated tax payments for corporations; and
- revises other provisions, including those related to losses, charitable deductions, and business interest.
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With respect to health care, the bill
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- provides additional funding for the prevention, diagnosis, and treatment of COVID-19;
- limits liability for volunteer health care professionals;
- prioritizes Food and Drug Administration (FDA) review of certain drugs;
- allows emergency use of certain diagnostic tests that are not approved by the FDA;
- expands health-insurance coverage for diagnostic testing and requires coverage for preventative services and vaccines;
- revises other provisions, including those regarding the medical supply chain, the national stockpile, the health care workforce, the Healthy Start program, telehealth services, nutrition services, Medicare, and Medicaid.
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With respect to education, the bill
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- temporarily suspends payments for federal student loans; and
- otherwise revises provisions related to campus-based aid, supplemental educational-opportunity grants, federal work-study, subsidized loans, Pell grants, and foreign institutions.
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S.3548 – CARES Act
116th Congress (2019-2020)