Texas Insider Report: WASHINGTON, D.C. – The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed the U.S. House of Representatives, and President Trump has signed it into law.
As you may know, this bill will expedite resources for the front lines of our nation’s health care fight against coronavirus, while providing much-needed assistance to the American workers, families, small businesses and industries that are suffering due to the urgent pandemic we currently face.
Although the CARES Act carries a price tag I wouldn’t ordinarily support, this national emergency presents us with dire and sweeping circumstances on a level I hope we’ll never have to face again in our lifetime.
And while it certainly isn’t perfect, I support the critical relief it provides for the people I represent in Northeast Texas and throughout the country, which will help ensure we successfully defeat this invisible enemy in the days, weeks and months ahead.
Here’s what it does:
- Provides grants and loans to help small businesses meet payroll and pay rent.
- Sends direct checks to individual Americans of up to $1200.
- Allows regulatory relief so banks can grant loan forbearance for otherwise healthy businesses struggling because of closures in response to coronavirus.
- Provides the Treasury and the Fed the ability to assist distressed industries, including airlines, through guaranteed loans while also including strong accountability protections.
- Rushes resources to hospitals, doctors and other front-line providers.
- Expands the use of Telehealth medicine to surge capacity and diagnose and treat patients in a safe and faster environment.
- Expands unemployment insurance for those who have lost their jobs.
- Provides tax policy incentives, including key technical corrections from the tax cuts law, including QIP and NOL.
- Provides liability protection for providers who volunteer to help combat coronavirus.
- Allows use of HSAs to purchase over the counter medicines.
- Extends expiring health extenders to November.
After hearing from many Northeast Texans who’ve suffered in some way due to the residual impact of coronavirus, I’m very grateful this critical legislation is finally headed to President Trump’s desk. As we continue fighting this battle together, I welcome you to continue reaching out with your input and concerns.