S.4537 - RECOVERY Act116th Congress (2019-2020)
|Sponsor:||Sen. Cruz, Ted [R-TX] (Introduced 09/08/2020)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 09/08/2020 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.4537 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (09/08/2020)
Reinvigorating the Economy, Creating Opportunity for every Vocation, Employer, Retiree & Youth Act or the RECOVERY Act
This bill revises provisions in the tax code; modifies the liability of employers, public officials, and other entities; makes various changes to help schools, employers, and industries respond to COVID-19 (i.e. coronavirus disease 2019); and otherwise addresses economic growth. It also modifies congressional oversight of regulations, including by requiring approval for certain rules.
Among other things, the bill establishes and expands various tax credits, deductions, and exclusions from income for individuals and businesses and temporarily suspends payroll taxes.
Additionally, the bill limits the liability, under some conditions, of employers, health care providers, and other entities for COVID-19 exposures. It also imposes liability on public officials with authority to direct law enforcement agencies for losses that occur in areas that a law enforcement agency has been instructed not to access during riots.
Furthermore, it revises multiple COVID-19 response activities, including by restricting eligibility for unemployment compensation, extending particular business loans and payroll support programs, and establishing sunset dates for spending COVID-19 funds. Additionally, the bill requires the Department of Education to use a specified percentage of COVID-19 funds to support certain scholarship-granting organizations.
It also establishes an alternate approval process for coronavirus drugs and other medical products approved for sale in another country; expands interstate telehealth access; and makes other changes to health insurance plans, health savings accounts, and retirement accounts.
The bill also creates tax incentives and other programs to support mining, petroleum, pharmaceutical, aviation, and other industries.