Final CARES Act $2 Trillion Relief Coronavirus package https://www.documentcloud.org/documents/6819239-FINAL-FINAL-CARES-ACT.html3-25-20 by a 96-0 vote. House vote

· Hospitals and Healthcare

· $150 billion for the healthcare system

· Includes funding for hospitals, treatment, and the Strategic National Stockpile to raise supplies of ventilators, masks, and other needed equipment

· $100 billion will go to hospitals and the health system

· $1 billion will go to the Indian Health Service

· Stimulus Checks

· $250 billion for one direct payment to individuals and families

· Payments are expected to go out within 3 weeks

· Those earning $75,000 or less will receive a $1,200 check

· Married couples earning $150,000 or less will receive a check for $2,400

· Additional $500 check per child aged 16 or under

· Payment scales down for individuals earning above $75,000

· No payment for individuals making over $99,000 and couples with no children earning $198,000

· Business Loans

· Existing Small Business Administration (SBA) Loans: Provides $17 billion for the SBA to cover the next six months of loan payments due on existing SBA 7(a) loans, Certified Development Company loans, and microloans.

· SBA Paycheck Protection Program: The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses

· SBA Disaster Loans: Provides $10 billion for the SBA to provide economic injury disaster loans to small businesses until December 31, 2020. While casinos and any gaming or racing business that derives more than a third of their annual gross income from gambling and racing are not normally eligible for such loans, the OHHA is working to clarify the applicability of the CARES Act to horsemen.

· SBA Interruption Loans: Provides $349 billion for the SBA to provide “interruption loans” to small businesses, self-employed individuals, 501(c)(3) organizations, and veterans organizations, provided they have less than 500 employees or they meet SBA small business size standards (whichever is greater), with broadened eligibility for some franchises and businesses that provide food and accommodation services.

· SBA Express Loans: Temporarily increases the maximum loan amount for an SBA Express loan from $350,000 to $1 million.

· $150 billion for state and local governments to respond to coronavirus. Stops President Trump, top government officials, and members of Congress and their families from getting loans or investments from the Treasury stimulus programs.

· Treasury stimulus programs include a special loan facility to enable banks and other lenders to extend low interest loans to eligible mid-sized US Businesses, states, tribes, and local governments suffering from the impact. Interest expenses on the loans is tax deductible.

· Businesses that eliminate more than 10% of their workforce are not eligible for aid under the Bill until September 2020. Employers must retain or rehire at least 90% of workers and restore compensation and benefits.

· $454 billion to provide loans to distressed companies, loan guarantees, and other Federal Reserve Lending programs to support businesses. Gaming businesses are eligible or relief under this program as long as they are not receiving other economic relief

· $50 billion of that will go to passenger airlines

· Trump administration agreed to an oversight board and inspector general position to review how the money is spent

· Republicans failed in attempt to cap unemployment at 100% of a workers wages that they received while previously employed

• Tourism Grants for Economic Revitalization

•  Community Development Block Grants: Provides $5 billion in grants to states and local governments to mitigate economic disruptions in impacted industries, including making direct grants to tourism businesses impacted by COVID-19.

•  Economic Development Agency Grants: Provides $1.5 billion to state and local governments for economic injuries to impacted industries, including grants to support economic revitalization of tourism businesses impacted by COVID-19.

· Student Loans

· All student loans, borrowed within the last 10 years and held by the federal government, will undergo an automatic payment suspension until September 30, 2020

· Individuals can choose to keep paying

· Interest will not accrue during this period

· Wage garnishment due to lack of payment will be suspended

· Payment count will still continue to go up by one each month

· Tax Provisions / IRS Temporary Universal charitable tax deduction. A temporary universal charitable tax deduction for donations of up to $300 to both itemizers and nonitemizers. (Lankford language to increase the cap was not agreed to.

· Temporary suspension of charitable contribution limits. The charitable tax deduction claimed by a taxpayer each tax year is generally limited to no more than 50% of the taxpayer’s adjusted gross income (AGI), unless a taxpayer gives only cash, in which case the limit increases to 60% of AGI. The bill will temporarily suspend these limitations on the charitable tax deduction per taxpayer in 2020.

· Carryback of net operating losses. Carryback losses from 2018, 2019, and 2020 to offset 100 percent of taxable income in the last five years, generating funds for gaming businesses.

· Deferral of Social Security Taxes: Gaming employers may defer their share of Social Security tax payments on employee wages otherwise due for the remainder of 2020. This allows half to be paid by December 31, 2021 and the other half by the end of 2022.

· Increase on Business Interest Deduction: For 2019 and 2020 tax years, gaming businesses can deduct interest expense up to 50 percent of their adjusted taxable income (EBITDA: earnings before interest, taxes, depreciation, and amortization), up from 30 percent of such income previously.

· Qualified Improvement Property Fix: Gaming businesses will be able to immediately write-off building improvement costs, rather than depreciate these costs over 39 years.

· Refundable Credits for Prior Year Corporate Alternative Minimum Tax (AMT): Accelerates the ability for corporations to recover AMT credits, allowing a refund claim now to obtain additional cash flow.

• Extending Benefits: Provides enhancements to existing state unemployment insurance programs,

including:

• Allowing furloughed workers to receive unemployment insurance benefits

• Waiving the seven-day waiting period for regular unemployment insurance

• Extending the duration of unemployment insurance benefits

• Promoting short-time compensation benefits for workers forced to cut hours

· The U.S. and Canada have decided to suspend all non-essential travel during the two countries during the pandemic, while ensuring that trade between the countries is not disrupted.  https://www.politico.com/news/2020/03/18/canada-us-plan-to-close-border-to-non-essential-travel-135373

United States Department of Agriculture Farm Loans: https://www.fsa.usda.gov/programs-and-services/farm-loan-programs/