Over the weekend, Senator Mitch McConnell unveiled a third massive funding package – the Coronavirus Aid, Relief, and Economic Securities (CARES) Act (S.3548) – which is aimed at providing additional economic relief from the impact of COVID-19 on individuals, families and businesses.
The bill includes provisions such as direct cash payments to Americans, loans to small businesses, assistance for large businesses (airlines, hospitality industry) in severely distressed sectors of the economy, and funding for hospitals. Bipartisan negotiations are ongoing.
MHI has been working with housing industry groups and Congress to help shape the discussion of funding packages. This proposal is the third federal intervention being considered by policymakers as the national emergency escalates. Last week, the “Families First Coronavirus Response Act” was signed into law. This bill guarantees free COVID-19 testing, secures paid emergency leave, enhances unemployment benefits. MHI joined a coalition of groups to secure changes to the mandatory paid leave provision that was included in this second relief package. The first federal intervention was an $8.3 billion package for small businesses adversely impacted by COVID-19, which was signed into law on March 6.