(WASHINGTON) – After casting a YES vote on the so-called “Phase Three” coronavirus relief bill, The CARES Act, Rep. Jim Banks (IN-03) released the following statement:
“This bill will keep the lights on in America. It is chiefly designed to put cash in the hands of Americans who need help with bills and making sure food stays on the table. I would have written a different bill – I am dismayed to see some pork stuffed into this one. I also wish it could have passed earlier this week before Speaker Pelosi interrupted the process.”
“Unlike a bailout, where a business fails and comes to the U.S. taxpayer for help, this is a relief package in response to a natural disaster. Businesses were forced to close for no other reason than it’s unsafe to remain open.
“We did not ask for this fight, an enemy arrived on our shores. And once we defeat this virus, our economy will heal.
“I thank President Trump and other Republicans who overcame obstacles and got this done.”
Key provisions in the “Phase Three” coronavirus aid package:
Direct payments to workers and families (based on 2018 or 2019 tax return):
- Single Americans will get $1,200
- Married couples will get $2,400
- Parents will get $500 per child
- Payments are phased out for individuals making more than $75k, married couples making more than $150kPayments cease for individuals making more than $99k, married couples making more than $198k
- $600/month unemployment insurance for unemployed due to coronavirus
$500 billion lending program:
- Businesses who receive loans must retain 90% of their workforce through Sept 30th
- The loans cannot last longer than 5 years
- Businesses must issue dividends for up to a year after the loan is no longer outstanding $350 billion loan program for small businesses and additional relief
- Eligible businesses with under 500 employees can receive a forgivable loan up to $10 million with a 4% interest rate to ensure they don’t lay off employees
- 50% refundable payroll tax credit on worker wages
- Delay in employer-side payroll taxes for Social Security in 2021 and 2022
Independent contractors and ‘gig’ workers:
- Millions of part-time workers who work in the digital economy will be eligible for aid
Student loan payments suspended:
- Department of Education will suspend student loan payments through September 30
Protections against foreclosures and evictions:
- Anyone facing financial hardship due to coronavirus will be given forbearance on a federally backed mortgage loan of up to 60 days, which can be extended for four periods of 30 days each.
- Those with federally backed mortgages are not allowed to evict tenants for failure to pay rent for a 120-day period, and they may not charge fees or penalties to tenants for failing to pay rent.