The U.S. Senate has voted unanimously to approve the $2.2 trillion economic stimulus package known as the Coronavirus Aid, Relief, and Economic Security Act, or CARES act. The bill is expected to be approved by the House on Friday morning, and President Trump has said that he will sign the bill immediately.
As outlined by the NAHB, the bill’s direct benefits to the construction sector include aid to small businesses and individuals, as well as an expansion of unemployment benefits.
Small business owners in all U.S. states and territories are currently eligible to apply for low-interest Economic Injury Disaster Loans (EIDL) of up to $2 million that can provide vital economic support to help overcome the temporary loss of revenue due to the COVID-19 response. Applicants may request an advance in the amount of $10,000 to be delivered within three days of the request.
…The measure [also] creates a temporary Pandemic Unemployment Assistance (PUA) program to provide payment to those not traditionally eligible for unemployment benefits — such as the self-employed and independent contractors — who are unable to work as a direct result of the coronavirus pandemic. Payments through the PUA program are authorized for a maximum of 39 weeks, ending Dec. 31, 2020. This will be a huge economic relief to a large segment of NAHB’s membership.
A full overview of the bill and its implications is available at NAHB Now:
