The National Retail Federation has welcomed the quick passage by the US House of Representatives of the Coronavirus Aid, Relief and Economic Security (CARES) Act that will provide critical financial relief for US workers, families and small businesses affected by the COVID-19 outbreak. The package will help support the economy during this challenge, it said.
“This unprecedented time requires extraordinary measures, and we thank Speaker Pelosi and Minority Leader McCarthy for their leadership in spearheading such complex legislation in a bipartisan fashion,” NRF president and chief executive officer Matthew Shay said in a statement.The National Retail Federation has welcomed the quick passage by the US House of Representatives of the Coronavirus Aid, Relief and Economic Security (CARES) Act that will provide critical financial relief for US workers, families and small businesses affected by the COVID-19 outbreak. The package will help support the economy during this challenge, it said.#
The US Senate last week approved by an overwhelming majority the $2-trillion bill. The rescue package, the largest-ever in the country’s history, includes cash payments to taxpayers, hundreds of billions in grants and loans to small businesses and core industries, medical equipment to hospitals and unemployment benefits.
The act sets aside $250 billion for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits and $500 billion in loans for distressed companies.
Individuals earning less than $75,000 in adjusted gross income would directly receive $1,200 each. Married couples earning up to $150,000 will receive $2,400 and an additional $500 per each child.
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