In March our elected officials passed the historic $2 trillion CARES Act to address the immediate social and economic impact of the coronavirus pandemic. Among other critical provisions, the bill provided funds for the Paycheck Protection Program, which enabled synagogues, community centers and other Jewish organizations to access more than $500 million dollars in forgivable loans. For information on the CARES Act, click here.
The CARES Act was a lifeline for our Jewish communities, yet a resurgence in coronavirus cases and receding economic activity in many states continue to pose a threat to full economic recovery. Legislators on Capitol Hill have been working hard to address the ongoing crisis. Senate Republican introduced a proposal in late July that builds on the CARES Act provisions while modifying others, including a scaled down federal unemployment insurance benefit. The Republican plan focuses on reforming the bolstered unemployment benefits, providing support to schools and hospitals and additional relief to businesses. That contrasts with the Democrats’ more sweeping proposals (found in the HEROES Act, introduced in May). There are areas of potential bipartisan agreement, such as in expanding the employee retention tax credit and additional stimulus payments, but there are also significant points of contention as negotiations continue.
Last Updated: July 31, 2020