With the federal government recently passing the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, Iowa legislators have begun to consider the local impact of the economic stimulus.

The CARES Act includes relief through corporate and small business loans totalling around $800 billion, as well as $250 billion for unemployment insurance, but for most Iowans the critical aspect of the legislation is the individual household payments. Supported by a promised $301 billion in federal money, taxpayers will receive $1,200 each, with $500 for each dependent. State Senator Jake Chapman, (R) District 10, feels the stimulus payments will greatly benefit Iowans and the state’s economy, and he’s hopeful the funds will be allocated within the next few weeks. “What we do know is people are hurting right now, and this is a shot in the arm that can really help people, you know, make their rent payment or their car payment, or whatever it may be (like) put food on the table. So we’re focused on helping Iowans rebound from this, and I think federally what they’ve done has been good. And hopefully we can piggyback off of that and provide additional relief here in the State of Iowa.”

Chapman adds, he’s been working on legislation that would ensure none of the federal money coming to individual people or businesses is taxed by the state. He believes putting taxes on the relief funds would be counterproductive to the purpose of the economic stimulus. To hear more from Chapman on this and other topics, click the link below to listen to the recent Perry Fareway Let’s Talk Dallas County program with him.

https://www.raccoonvalleyradio.com/2020/04/06/lets-talk-dallas-county-4-6-2020-jake-chapman/