FRESNO – Senator Andreas Borgeas (R-Fresno) issued the following statement commending the President and Congressional leaders on the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
“The CARES Act will have a profound impact on communities in the San Joaquin Valley as well as our foothill and mountain communities. Small businesses are the backbone of our economy and we must do all we can across all levels of government to get our economy back on track,” said Senator Borgeas.
The CARES Act does the following:
- Directs payments of $1,200 to most individuals making up to $75,000, or $2,400 for couples making up to $150,000. Each dependent child increases the amount by an additional $500. The amount decreases for individuals with incomes above $75,000, and payments cut off for those above $99,000.
- Expands unemployment benefits that boost the maximum benefit by $600 per week and provide laid-off workers their full pay for four months. Eligibility is extended to independent contractors and the self-employed.
- $367 billion in loans for small businesses
- $150 billion for state and local governments
- $130 billion for hospitals
- $500 billion in loans for larger industries, including $25 billion for passenger airlines; $4 billion for carriers; $3 billion for aviation contractors and $17 billion for "businesses critical to maintaining national security
- Creates an oversight board and inspector general to oversee loans to large companies
- Measures prohibiting companies owned by President Trump and his family from receiving federal relief
- $25 million for the John F. Kennedy Center for the Performing Arts
- $400 million for election security grants