Title: Coronavirus Aid, Relief, and Economic Security (CARES) Act
Vote to concur with Senate amendments and pass a bill that establishes economic assistance to businesses and individuals affected by the COVID-19 coronavirus.
Title: Coronavirus Aid, Relief, and Economic Security (CARES) Act
Vote to amend and pass a bill that establishes economic assistance to businesses and individuals affected by the COVID-19 coronavirus.
Authorizes a tax credit for an eligible individual for the first taxable year beginning in 2020 in an amount equal to the sum of (Sec. 2201):
$1,200 ($2,400 in the case of eligible individuals filing a joint return); and
An amount equal to the product of $500 multiplied by the number of qualifying children of the taxpayer.
Specifies that the amount of credit highlighted above will be reduced (but not below zero) by 5 percent of of the taxpayer’s adjusted gross income exceeding (Sec. 2201):
$150,000 in the case of a joint return;
$112,500 in the case of a head of household; and
$75,000 in the case of a taxpayer not described in the two previous sub-highlights.
Defines “eligible individual” as an individual other than (Sec. 2201):
Any nonresident undocumented individual;
Any individual with respect to whom a deduction under section 151 is allowable to another taxpayer for a taxable year beginning in the calendar year in which the individual’s taxable year begins; and
An estate or trust.
Requires the Secretary of Education to suspend all payments due for loans that are held by the Department of Education through September 30, 2020, and prohibits any interest from accruing on a student loan for the period of suspension (Sec. 3513).
Authorizes any business, nonprofit, veterans organization, or tribal business, in addition to small businesses, to be eligible to receive a loan during the covered period if the business employs no more than the greater of (Sec. 1102):
500 employees; or
The size standard number of employees established by the Administrator of the Small business Administration (SBA) for the industry in which the business operates.
During the covered period, the maximum loan amount must be the lesser of (Sec. 1102):
The sum of:
The product obtained by multiplying the average total monthly payments by the the applicant for payroll costs incurred during the 1-year period before the date on which the loan is made by 2.5; and
The outstanding amount of a loan that was made during the period beginning on January 31, 2020 and ending on the date that covered loans were made available to be refinanced; or
Defines “payroll costs” as (Sec. 1102):
The sum of payment of any compensation for an employee that is a:
Salary, wage, commission or similar compensation;
Payment of cash tip or equivalent;
Payment for vacation, parental, family, medical, or sick leave;
Allowance for dismissal or separation;
Payment required for group health care benefits, including insurance premiums;
Payment of any retirement benefit;
Payment of state or local tax assessed on the compensation of employees; and
The sum of payment of any compensation to or income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self-employment, or similar compensation that does not exceed $100,000 in one year.
Appropriates $349 billion to the SBA for the Business Loans Program Account, for the cost of guaranteed loans (Sec. 1107).
Appropriates $10 billion to the SBA for Emergency Economic Injury Disaster Loans (EIDL) grants (Sec. 1107).
Requires the Secretary of Labor to provide unemployment benefit assistance to any covered individual, to be available (Sec. 2102):
For weeks of unemployment, partial unemployment, or inability to work caused by COVID-19, beginning on or after January 27, 2020, and ending on or before December 31, 2020; and
Subject to the December 31, 2020 end date, as long as the covered individual’s unemployment, partial unemployment, or inability to work caused by COVID-19 continues.
Defines a covered individual as someone who (Sec. 2102):
Is not eligible for regular compensation or extended benefits under state or federal law, or pandemic emergency unemployment compensation;
Provides self-certification that the individual:
Is otherwise able and available to work within the meaning of applicable state law, except the individual is unemployed, partially unemployed, or unable to work because:
The individual has been diagnosed with COVID-19 or is experiencing symptoms of COVID-19 and seeking a medical diagnosis;
A member of the individual’s household has been diagnosed with COVID-19;
The individual is providing care for a family member or member of their household who has been diagnosed with COVID-19;
A child or another person in the household for which the individual has primary caregiving responsibility is unable to attend school or another facility that is closed as a direct result of the COVID-19 public health emergency and such school or facility care is required for them to work;
The individual is unable to reach the place of employment because of a quarantine imposed as a direct result of the COVID-19 public health emergency;
The individual is unable to reach the place of employment because they have been advised by a health care provider to self-quarantine due to concerns related to COVID-19;
The individual was scheduled to commence employment and does not have a job as a direct result of the COVID-19 public health emergency;
The individual has become the breadwinner or major support for a household because the head of household has died as the result of COVID-19;
The individual had to quit their job as a direct result of COVID-19;
The individual’s place of employment is closed as a direct result of the COVID-19 public health emergency; or
The individual meets additional criteria as established by the Secretary; or
Is self-employed, seeking part-time employment, does not have sufficient work history, or otherwise would not qualify for regular unemployment benefits under state or federal law or pandemic emergency unemployment compensation.
Specifies that a covered individual is not an individual who has the ability to telework with pay or who is receiving paid sick leave or other paid leave benefits, regardless of whether the individual meets a qualification described above (Sec. 2102).
Limits the total number of weeks for which a covered individual may receive assistance to 39 weeks, with such total including any week for which the covered individual received regular compensation or extended benefits under any federal or state law (Sec. 2102).
Establishes the authorized assistance for a week of unemployment, partial employment, or inability to work as (Sec. 2102):
The weekly benefit amount authorized under the unemployment compensation law of the state where the covered individual was employed, though the amount cannot be less than the minimum weekly benefit amount described in the Code of Federal Regulations, or any successor thereto; and
The amount of Federal Pandemic Unemployment Compensation under section 2104.
Requires compensation under this act to be made to an individual otherwise eligible for such compensation without any waiting period (Sec. 2102).
Appropriates funds beginning March 13, 2020, and ending December 31, 2020, to the states’ accounts in the Unemployment Trust Fund for reimbursing governmental entities and nonprofit organizations (Sec. 2103).
Classifies the “Federal Pandemic Unemployment Compensation” as an additional amount of $600 per week (Sec. 2104).
Requires states to establish, for each eligible individual who files an application for pandemic emergency unemployment compensation, a pandemic emergency unemployment compensation account, through which the amount established in such account will be equal to 13 times the individual’s average weekly benefit amount for the benefit year (Sec. 2107).
Establishes a waiver for the 7-day waiting period for benefits under the Railroad Unemployment Insurance Act (Sec. 2112).
Establishes a recovery benefit in the amount of $1,200, for registration periods between April 1, 2020 and July 31, 2020, to be payable to a qualified employee with respect to any registration period in which the employee received unemployment benefits, and in any registration period in which the employee did not receive unemployment benefits due to certain limitations or due to reaching the maximum number of days of benefits in the benefit year beginning July 1, 2019 (Sec. 2113).
Authorizes a credit against applicable employment taxes for each calendar quarter, equal to 50 percent of the qualified wages for each employee (Sec. 2301).
Delays the payment of 50 percent of employer payroll taxes until December 31, 2021, and the remaining 50 percent until December 31, 2022 (Sec. 2302).
Appropriates $16 billion to the Strategic National Stockpile and requires it to include protective equipment, ancillary medical supplies, and other applicable supplies required for the administration of drugs, vaccines, and other biological products, medical devices, and diagnostics (Sec. 3102).
Requires a group health plan or health insurer providing coverage of items and services relating to the COVID-19 coronavirus to reimburse the provider of the diagnostic testing as following (Sec. 3202):
If the health plan or issuer has a negotiated rate with such provider in effect before the public health emergency, the negotiated rate will apply throughout the period of such declaration; or
If the health plan or issuer does not have a negotiated rate with such provider, the plan or issuer will reimburse the provider an amount equal to the cash price for such service as listed by the provider on a public website, or such plan or issuer may negotiate a rate with such provider less than the cash price.
Requires group health plans and health insurance issuers offering group or individual health insurance to cover, without cost-sharing, any qualifying coronavirus preventive service (Sec. 3203).
Defines “qualifying coronavirus service” as an item, service, or immunization intended to prevent or mitigate COVID-19 and that is (Sec. 3203):
An evidence-based item or service that has in effect a rating of “A” or “B” in the current recommendations of the United States Preventive Services Task Force; or
An immunization that has in effect a recommendation from the Advisory Committee on Immunization Practices of the Centers for Disease Control and Prevention with respect to the individual involved.
Appropriates $25 billion for authorizing loans and loan guarantees for passenger air carriers, eligible businesses that are certified and approved to perform inspection, repair, replace, or overhaul services, and ticket agents (Sec. 4003).
Appropriates $500 billion for making loans, loan guarantees, and other investments to provide liquidity to eligible businesses, states, and municipalities related to losses incurred as a result of the COVID-19 coronavirus (Sec. 4003).
Appropriates $17 billion to make loans and loan guarantees for businesses critical to maintaining national security (Sec. 4003)
Requires the Secretary of Treasury to only enter into an agreement with an eligible business to make a loan or loan guarantee if such agreement provides that during the loan period (Sec. 4004):
No officer or employer of the eligible business whose total compensation exceeded $425,000 in 2019 will receive severance pay or other benefits upon termination of employment from the eligible business that exceeds twice the maximum total compensation received by the officer or employee in 2019.
Defines a “covered entity” as an entity in which a covered individual directly or indirectly holds a controlling interest in no less than 20 percent, by vote or value, of the outstanding amount of any class of equity interest of an entity (Sec. 4019).
Defines “covered individual” as (Sec. 4019):
The President, the Vice President, the head of an executive department, or a member of Congress; and
The spouse, child, son-in-law, or daughter-in-law of an individual described above.
Prohibits a covered entity from being eligible for any emergency relief or taxpayer protections described in section 4003 (Sec. 4019).
Requires the Secretary of the Treasury to provide financial assistance exclusively for the continuation of payment of employee wages, salaries and benefits to (Sec. 4112):
Passenger air carriers, in an aggregate amount up to $25 billion;
Cargo air carriers, the in aggregate amount up to $4 billion; and
Contractors, in an aggregate amount up to $3 billion.
Requires an air carrier or contractor, in order to maintain eligibility for financial assistance under this act, to enter into an agreement with the Secretary of the Treasury, or certify in the requested form, that the air carrier or contractor will refrain from conducting involuntary furloughs or reducing pay rates and benefits until September 30, 2020 (Sec. 4114).
Authorizes the Secretary of the Treasury to, in the case that an individual who has not filed a tax return for 2019 (Sec. 2201):
Substitute 2018 for 2019; and
If the individual has not filed a tax return for such individual’s first taxable year beginning in 2018, use information from a Social Security Benefit Statement.
Appropriates $14.43 billion for the medical services within Veterans Health Administration (VHA) to prevent, prepare for, and respond to the coronavirus, including improvements to health care delivery and support to veterans who are homeless or at risk of homelessness (Title X).
Appropriates an additional $2.1 billion to the VHA for medical community care (Title X).
Appropriates $606 million to medical facilities within the VHA to prevent, prepare for, and respond to the coronavirus, including improvements to health care delivery (Title X).
Title: Middle Class Health Benefits Tax Repeal Act
Vote to pass a bill that repeals the excise tax on employer-sponsored health care coverage, effective January 1, 2020.
Title: Middle Class Health Benefits Tax Repeal Act