On Friday, March 27, the U.S. House of Representatives passed a “Phase 3” economic stimulus package: the Coronavirus Aid, Relief and Economic Security (CARES) Act. The Senate previously passed the CARES Act on Wednesday, March 25, by a unanimous vote of 96-0. The stimulus package includes more than $2 trillion in spending and tax relief, including forgivable loans to small businesses, direct payments and tax relief for individuals, tax relief for businesses, financial assistance for vulnerable industries, additional health funding and policies, and additional assistance for financial markets in response to the COVID-19 pandemic.
Five Things the RV Industry Should Know about the CARES Act
1. The stimulus package includes more than $350 billion in low-interest, small business loans with potential to be partially forgiven.
2. Tax rebate payments of as much as $1,200 for individual taxpayers, and $500 per child, phased out when adjusted gross incomes exceed $75,000 for individuals and $150,000 for couples filing jointly.
3. $500 billion for the Treasury Department’s Exchange Stabilization Fund for loans and assistance to distressed companies and state and municipalities in 2020. Of this amount, $24 billion is designated for loans to U.S. airlines.
4. An additional $600 per week for up to four months for those receiving unemployment benefits.
5. $150 billion for aid to state, local, and tribal governments.
To see RVIA’s full, in-depth analysis diving into the details of the CARES Act’s impact on the RV industry, click here.