Duncan Supports Coronavirus Economic Rescue & Recovery
Washington, D.C. – Congressman Jeff Duncan (SC-03) released the following statement on the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the economic rescue and recovery package for the American people.
“Our nation and world have been turned upside-down in an unprecedented way by the global coronavirus pandemic. Individuals, families, and businesses have been severely impacted physically and financially from the outbreak, causing economic activity to halt after a record-breaking economy under the Trump Administration.
“This coronavirus rescue and recovery package will help bring stability back to the moms and dads out of work, to the main street businesses that are the backbone of our economy, to the manufacturers and companies that produce to meet our needs, and importantly to our health care systems that we rely on. This swift action will empower families, job creators, and innovators to push through the devastation and get back on their feet.
“This legislation is not perfect. With needing 60 votes in the Senate and with Democrats in control of the House, there had to be compromises. In a perfect world, there wouldn’t be a penny for any project that wasn’t absolutely necessary. But, I believe those amounts are small compared to the financial impact this virus is causing to our nation’s GDP. There is a cost of doing nothing.
“Congressional Republicans did, however, fight to make sure the legislation was better than the alternative. We fought hard to ensure Speaker Nancy Pelosi’s version of the bill was dead on arrival in the Senate. We successfully blocked her leftist wish list so the final legislation contains no abortion funding, Green New Deal, amnesty, Second Amendment restrictions, and much more. She should be ashamed of trying to take advantage of a national emergency in order to push her radical agenda on America. I’m glad she was unsuccessful.
“COVID-19 is novel, which is why it is wreaking havoc on our nation and world. We don’t know much about it yet. Unlike the financial crisis of 2008, the current state of our economy is caused by this new global health threat – not by fraudulent or irresponsible business practices. Families and businesses across our country are suffering through no fault of their own.
“America is hurting right now, but America is resilient and will overcome any challenge. We will get through this together as a nation and come out stronger than ever before. Please keep those impacted by the coronavirus in your prayers as we all do our part to combat this economic and public health threat to our country.”
The Coronavirus Aid, Relief, & Economic Security (CARES) Act – Major Provisions
- Provides direct payments to qualified individuals with checks of $1,200 per adult, and $500 per child available for those with incomes at or below $75,000 individual/$112,500 head of household/$150,000 filing jointly. Payments are phased out above those thresholds until it is phased out completely for single taxpayers with incomes exceeding $99,000 and $198,000 for joint filers.
- If you are on Social Security and didn’t make enough money to file a tax return, you can file a Form SSA-1099, Social Security Benefit Statement or Form RRB-1099, a Social Security Equivalent Benefit Statement with the IRS to receive the recovery check.
- Significantly boosts unemployment insurance benefits, expanding eligibility and offering workers an additional $600 a week for four months, on top of what state unemployment programs pay, and will give Americans four months-worth of their income if they are furloughed or lose their job due to COVID-19. Creates an employee retention tax credit to incentivize businesses to keep workers on payroll during the crisis.
- $150 billion through a Coronavirus Relief Fund for making payments to States, Tribal governments, and units of local government.
- $100 billion for hospitals and providers.
- $19 billion for the Department of Veterans Affairs to support our veterans.
- $16 billion for the Strategic National Stockpile to procure personal protective equipment (PPE), ventilators, and other medical supplies for federal and state response efforts.
- $11 billion for the Public Health and Social Services Emergency Fund for the manufacturing, production, and purchase of vaccines, therapeutics, diagnostics, and other medical or preparedness needs.
- $4.3 billion for the Centers for Disease Control and Prevention (CDC).
- $80 million for the Food and Drug Administration (FDA) to speed getting treatments to the market.
- $17 billion in small business debt relief.
- $16 billion for personal protection equipment (PPE), ventilators, and medical supplies.
- $350 billion in federally guaranteed loans via the Paycheck Protection Program for small businesses. These resources will allow 8 weeks of cash-flow assistance to small businesses who maintain their payrolls.
- $45 billion for the FEMA disaster relief fund.
- Students can defer student loan payments for 6 months.
- Speeds the development of coronavirus vaccines and ensures free tests.