Status of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the third coronavirus-response stimulus package
Passed the Senate late Wednesday night by a vote of strong bipartisan vote of 96-0. Expected to pass the House on Friday and be signed by the President by this weekend.
Money to hospitals and frontline health workers:
Invests $150 billion in hospitals and health care workers ($55 billion more than original draft) for:
personal and protective equipment for health care workers; testing supplies; increased workforce and training; new construction to house patients; an increase of the Strategic National Stockpile; medical research into COVID-19; and Medicare payment increases to all hospitals and providers to ensure that they receive the funding they need during this crisis.

Rebate checks:
All U.S. residents with an adjusted gross income of up to $75,000 ($150,000 for married couples) will receive the full $1,200 rebate ($2,400 for married couples). Households with children will receive $500 per child.
This is true even for Americans who only receive Social Security (retirement or disability) or VA benefits, and those whose income comes entirely from non-taxable benefit programs, like Supplemental Security Income (SSI). The amount of the rebate check will taper down for incomes over $75,000 ($150,000 for married couples). Individuals with incomes above $99,000 ($198,000 for married couples) will not receive any rebate.
The IRS is still working out the process by which they will calculate and get out these payments. All U.S. residents with a Social Security number who filed a tax return in either 2019 or 2018 do not need to take any action in order to receive their rebate checks. In some instances, the IRS may work with the Social Security Administration to get information and checks to seniors. Other taxpayers who didn’t file and don’t receive Social Security benefits should consult with the IRS to determine if they need to file 2019 taxes.

Unemployment Insurance
The CARES Act waives the waiting time for approval, extends coverage for an additional 13 weeks, so Arizonans would be eligible for 39 total weeks, and increases UI by $600 for four months. An Arizonan who qualifies for the maximum UI benefit of $240 would be able to receive a UI benefit of $840/week ($240 + $600) for four months.
This $600 benefit will be taxable (like regular unemployment benefits), but it will be disregarded in determining Medicaid or CHIP eligibility.

Small Business Paycheck Protection Program — $350 billion in zero-fee, low-interest small business loans up to $10 million. Small businesses, nonprofits, franchises, veteran’s organizations, and tribal businesses up to 500 employees are eligible, as long as they conform with SBA definitions.
Loans can be processed by your local community bank or credit union.
Treasury is required to offer guidance for banks and businesses within 15 days of this bill becoming law.
Up to 8 weeks of average payroll and other costs will be forgiven if the business retains its employees and their salary levels. Principal and interest is deferred for up to a year and all borrower fees are waived. This temporary emergency assistance through the U.S. Small Business Administration (SBA) and the Department of Treasury can be used in coordination with other COVID-financing assistance established in the bill or any other existing SBA loan program.

SBA Emergency Economic Injury Grant -
$10 billion in funding to provide an advance of $10,000 to small businesses and nonprofits that apply for an SBA economic injury disaster loan (EIDL) within three days of applying for the loan.
The grant does not need to be repaid, even if the EIDL request is denied. EIDL can be used to provide paid sick leave, maintain payroll, meet increased production costs, or pay business obligations like rent or a mortgage.
SBA Economic Injury Disaster Loan (EIDL) - EIDLs are loans of up to $2 million that carry interest rates up to 3.75 percent for companies and up to 2.75 percent for nonprofits, as well as principal and interest deferment for up to 4 years. The loans may be used to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses.
With the Governor’s emergency declaration, every county in our state is eligible to receive relief through EIDL grants. Contact SBA for more information.

Oversight
The bill includes language requiring the Government Accountability Office (Sinema provision) and the Treasury Department’s Inspector General to conduct aggressive, nonpartisan oversight and strict audits of federal spending.