CARES Act

The House passed H.R. 748, Coronavirus Aid, Relief, and Economic Security (CARES) Act – a $2 trillion federal relief package to help respond to the COVID-19 pandemic.

Here are a few of the initiatives in this legislation that will benefit New Jersey residents.

  • A $150 Billion State and Local Coronavirus Relief Fund:  Creates a $150 billion State and Local Coronavirus Relief Fund to provide states and localities additional resources to cope with the coronavirus pandemic. It is estimated that our state of NJ will receive approximately $3.44 billion in desperately needed funds to benefit our state’s residents.

  • $260 Billion in Dramatically Expanded Unemployment Benefits:  Includes numerous provisions to improve unemployment benefits including providing an additional $600 per week for the next four months, providing an additional 13 weeks of federally funded benefits, and expanding eligibility to include workers in the gig economy and self-employed workers.

    • Details on the provisions related to Unemployment Compensation are available here.

  • Immediate Direct Cash Payments to Lower and Middle-Income Americans:  Provides for immediate, direct cash payments to lower-and middle-income Americans of $1,200 for each adult and $500 for each child, beginning to phase out at an annual income of $75,000 for an individual and $150,000 for a household. These payments will provide individuals with the cash they need right now to survive with much of the economy currently shut down.

    • FAQs on the CARES Act rebates are available here and are available in Spanish here.

  • More Than $375 Billion in Small Business Relief:  Provides more than $375 billion in small business relief, including $349 billion for low-interest and forgivable loans to small businesses to pay their employees and keep them on the payroll; $17 billion for debt relief for current and new SBA borrowers; and $10 billion in immediate disaster grants.

    • A guide for small business owners and nonprofits from the US Senate Committee on Small Business & Entrepreneurship can be found here.

    • U.S. Chamber of Commerce Checklist for Small Business Owners on the CARES Act is available here.

  • Approximately $200 Billion for Our Hospitals, Health Care Workers, and Health Research:  Provides an investment of about $200 billion in our hospitals, health systems, and health research, including expanding funding for the personal protective equipment desperately needed by our health care workers, including ventilators, n95 masks, gowns, gloves, etc.

    • FAQs on the Public Health and Social Services are available here.

  • A summary of the full bill can be found here.