Senate Advances CARES Act, House Vote Expected Today
The Senate voted 96-0 Wednesday night to advance the CARES Act, the legislation known as "Phase III" of Congress' Coronavirus recovery package. The bill now heads to the House of Representatives, where it is expected to come to a vote sometime TODAY.
The CARES Act seeks to provide nearly $2 trillion in aid for American workers and employers. As currently drafted, the bill:
- Provides direct financial assistance through "recovery checks" to American households.
- Provides relief to small businesses through the "Paycheck Protection Program" -an SBA 7(a) loan program primarily intended for payroll for workers.
- Makes small changes to the paid sick leave program implemented under the "Phase II" legislation, including capping the maximum amount of payments and clarifying that workers who are re-hired are eligible for paid leave.
- Expands unemployment benefits to the self-employed, independent contractors, gig workers and others.
- Provides more support for hospitals and front-line health care workers to address supply shortages, speed vaccine development and encourage telehealth.
For a full summary of the bill from the U.S. Chamber of Commerce, click
HERE
. To read the entire text of the bill, click
HERE
.
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