WASHINGTON — Michigan’s U.S. Senators Debbie Stabenow and Gary Peters addressed the CARES Act — Coronavirus Aid, Relief, and Economic Security Act in a conference call with members of the press Thursday.

The $2 trillion bipartisan legislation was passed in the Senate, 96-0, Wednesday night. The CARES Act includes over $100 billion for healthcare, including $16 billion to purchase personal protective equipment (PPE), but the supply of PPE is low, said Sen. Peters.

“Money will go toward working on a vaccine, telemedicine, and rural medical facilities,” said Stabenow. “… this is a robust bill.”

Stabenow said the first version of the bill had, “nothing on healthcare … and no unemployment extension.”

“We had to press hard to make it happen,” said Stabenow.

Currently 3.3 million people have filed for unemployment, an all time record, according to Sen. Peters.

“This is a rare financial crisis, and we need to protect the economy while fighting the virus,” Sen. Peters said.

Sen. Peters wrote the Pandemic Unemployment Assistance Act that is included in the CARES Act. It significantly increases benefits to unemployed people due to the coronavirus.

“This is a ‘hurricane’ impacting the entire country,” he said.

The CARES Act extends federally funded unemployment insurance 14 weeks for a total of up to 39 weeks, and increases the amount recipients receive by $600 per week, for four months. People who can take advantage of the insurance include small business owners, freelancers, seasonal workers, independent contractors, and others normally not considered for unemployment insurance.

Sen. Peters said the Department of the Treasury weighed in on deciding the increased amount by looking at the median income across the country, and looking at all variables to get the program up and running. It was determined custom amounts would slow down the process.

In an effort to assist small businesses with less than 500 employees, the CARES Act includes low interest, fee-free, loan opportunities up to $10 million. A small business owner can apply for the loan until Dec. 31. A work share program is included, allowing a small business owner to keep their employee working 20 hours a week, paid by the owner, with workers’ compensation making up the difference.

Stabenow said Michigan created a Pandemic Accountability Committee that will oversee where the money is being spent and making sure it is being spent the way it should be.

The CARES Act includes a one-time cash payment of $1,200 to individuals with an adjusted gross income of less than $75,000, and $2,400 to couples with an adjusted gross income of less than $150,000 when filing jointly. The one-time payment includes $500 for each child in the household. A family of four, two parents and two children, will see the full non-taxed payment of $3,400.

People who make more than $75,000, individually, or $150,000, jointly, will see a reduction of $5 in the one-time cash payment, for each $100 over the allowed adjusted gross income. No payments will be given to individuals making $99,000 and higher, or couples making $198,000.

The Internal Revenue Service (IRS) will deposit the money into each taxpayers’ account using direct deposit information on record from filing taxes previously. To receive the benefit you must have filed taxes in the United States within the past two years. According to Stabenow, if the IRS doesn’t have updated direct deposit information on record, the check will go to the last known address on file.

The CARES Act will be brought to President Trump today for his signature.