The following information is a summary of the CARES Act provided from Congressman Dan Crenshaw dated April 13, 2020.
The CARES Act will provide rapid cash relief to Americans in need. Eligible individuals may receive up to $1,200, and eligible couples up to $2,400, with $500 for each qualifying child. The funds are expected to be delivered within three weeks and will be distributed automatically, with no action required for most people. If you have any questions about whether you will receive aid, please click HERE.
The bill includes $250 billion to expand access to unemployment benefits, establishing the Pandemic Unemployment Assistance program. This program is crucial for self-employed workers, independent contractors, and those who participate in the gig economy and are not normally eligible for unemployment insurance. To apply for unemployment, please visit the Texas Workforce Commission's website HERE.
The bill also provides $349 billion in low-interest loans for small businesses, as part of the Paycheck Protection Program, to help keep millions of Americans employed. Relief may also be available for sole-proprietors, independent contractors, and other self-employed individuals. To pursue a loan, please contact your traditional lender, community bank, or credit union. For more information on how this program works, please click HERE.
Furthermore, the bill provides $500 billion for the Exchange Stabilization Fund, which empowers the Treasury Secretary to make loans to struggling industries such as our airlines, which have been particularly hard hit. These loans prohibit stock buybacks, cap executive pay, and prevent layoffs to ensure the aid goes toward keeping Americans who work for these businesses employed.
Lastly, the bill provides, $45 billion for FEMA disaster relief, $31 billion for K-12 schools, colleges, and universities, $19 billion for veterans' assistance, $25 billion for nutritional assistance, and $150 billion for states and localities. The bill also pauses federal student loan borrower monthly repayment and prevents the accrual of interest.