WASHINGTON D.C. — Today, Rep. French Hill (AR-02) voted in favor of H.R. 748, the Coronavirus Aid Relief and Economic Security (CARES) Act. This legislation will provide economic assistance to Arkansas’s families, hospitals, and businesses that have been negatively affected by COVID-19.
“The health and economic crisis caused by COVID-19 is unprecedented in our lifetimes. We are seeing the number of cases rise throughout the country, including in Arkansas. I have spent the last two weeks in constant communication with Governor Asa Hutchinson and his team, as well as representatives and workers from nearly every industry in Arkansas. I want to thank our hospitals, first responders, and business leaders for their compassionate work and perseverance during these grim times,” said Rep. Hill. “Federal relief is critical to defeat this virus and prevent our businesses from going under. It is for these reasons that my colleagues and I have joined together today to pass this bipartisan legislation and send it to the president’s desk for his signature. If citizens have inquiries, or need help with a government agency-specific question, contact me at Hill.House.Gov”
In response to the challenges created by COVID-19, the CARES Act will:
Support Working Families:
Provides financial assistance directly to:
Individuals making below $75,000 will receive $1,200.
Couples filing jointly will receive $2,400 if their combined income is below $150,000.
Couples filing jointly will also receive $500 for each eligible child.
Postpones student loan payments and student loan interest for up to six months.
Incentivizes employers to give employees $5,250 per year toward their student loans. Employees will no longer have to pay a tax on the amount given towards their student loans.
Reinforce Health Care:
Ensures Arkansas hospitals can keep their doors open through:
Delaying cuts to Medicaid Disproportionate Share Hospitals.
Giving hospitals that treat COVID-19 patients a 20% increase in their Medicare reimbursement.
Allocates $127 billion for medical response efforts including:
$11 billion for vaccines, treatments, and diagnostics.
$16 billion for the Strategic National Stockpile.
Allocates $19.6 billion for veterans’ health care:
$14.4 billion to support increased need for healthcare services at VA facilities, including the purchase of medical equipment, supplies, testing kits, and personal protective equipment.
Allocates $4.3 billion for the Centers for Disease Control and Prevention:
$1.5 billion for state and local preparedness and response grants.
$500 million to enhance public health surveillance.
Bolster the Economy:
Creates the Paycheck Protection Program which provides $350 billion for 100% federally-guaranteed loans to small businesses and 501(c)3s.
Allocates up to $500 billion to provide loan and loan guarantees to companies of all sizes.
Provides a variety of measures to provide temporary relief to our financial institutions, making it easier to extend credit to American consumers and businesses that need it most.
