By Jacqueline Pitts, The Bottom Line
On Thursday, U.S. Senate Majority Leader Mitch McConnell introduced the Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide financial support to citizens and small businesses and aid to health care workers and those fighting the disease.
The four priorities of the bill include:
- Direct financial help for the American people;
- Rapid relief for small businesses and their employees;
- Significant steps to stabilize the U.S. economy and protect jobs;
- And, of course, more support for healthcare professionals and the patients who are fighting the coronavirus on the front lines.
The bill includes direct payments of $1,200 per adult or $1,200 per couple, making less than $75,000 and would be phased down for those making more than $75,000 or $150,000 per couple. An additional $500 per child would also be provided.
The bill also extends the tax filing deadline from April 15 to July 15.
There are several provisions to aid businesses, including the health care industry. The bill would allow corporations to delay estimate tax payments, employers and the self-employed could delay payroll taxes, and the legislation provides funding for loans for distressed industries and small businesses.
The legislation will need bipartisan support, and supporters urge quick passage.
McConnell is committed to the task stating, “This legislation is a significant next step. And the Senate is not going anywhere until we take action.”