How the CARES Act Helps Ohio Individuals and Families
Last week, Congress passed and President Trump signed into law the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act is providing unprecedented economic and health care relief to ensure Ohioans get the support they need to get by in the midst of the coronavirus crisis.
The CARES Act rescue package will help Ohioans and their families around the state weather the enormous impact of the coronavirus pandemic by:
- Providing direct financial assistance to Ohio families in need.
- Starting this week, the government will be mailing checks of $1,200 for individuals making less than $75,000 per year, with lesser amounts sent to individuals making up to $99,000 per year.
- Couples making less than $150,000 will receive $2,400, with lesser amounts sent to couples making up to $198,000 per year.
- Families with children would be eligible for an additional $500 per child.
- This means the average family of four will receive approximately $3,400 through the CARES Act.
- Including a four-month, historic increase in unemployment insurance benefits to help Ohioans make ends meet during this difficult time.
- The CARES Act provides approximately $250 billion so state unemployment programs can offer full wage replacement to low- and medium-income individuals who lose their jobs through no fault of their own.
- For the first time, the bill expands unemployment insurance benefit eligibility to cover most self-employed individuals, government workers, and nonprofit employees.
- It also covers an additional $600 per week in unemployment benefits on top of what states already provide, and offers an additional 13 weeks of benefits.
- Authorizing new federal loans to employers large and small to help keep workers on payroll.
- These loans incentivize employers to retain their employees during the months ahead, ensuring that employees still have access to their employer-provided health insurance and retirement plans
- Providing $4.5 billion to the state of Ohio and $150 billion overall to support states and local governments that are impacted by the coronavirus to ensure they can continue to provide basic services for their citizens.
- Providing $150 billion to health care providers and hospitals in Ohio and elsewhere to accelerate the public health response, increase testing, and save lives.
- This includes needed support for rural hospitals that may otherwise have not had the capacity to respond to the historic surge in coronavirus cases we are currently seeing.
- Providing $4.3 billion to support the CDC and state and local health departments in their response to coronavirus and save Ohioan lives.
- This includes resources to expand testing capabilities so that more Ohioans can know whether or not they or a loved one have been infected with coronavirus, potentially limiting the spread and saving lives.
- It also includes resources to speed up the development of antiviral therapies that can help alleviate the worst symptoms of coronavirus for Ohioans fighting the disease and in doing so potentially reduce the overall number of fatalities.