Should the government provide aid to businesses and individuals impacted by COVID-19?
Bill Summary
The CARES act provides loans and grants for businesses, industries, states, local governments, and hospitals. Furthermore, it provides tax rebates for up to $1,200 per individual and an additional $500 per child for those making less than a set adjusted gross income. It also expands unemployment benefits and suspends payments and interest on federal student loans.
Sponsor: Rep. Joe Courtney (Democrat, Connecticut, District 2)
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Opponents say
• “Unfortunately, the Coronavirus Aid, Relief, and Economic Security Act will harm our future generations in ways that the coronavirus never could — by drastically increasing our national debt by stuffing this bill with pork... We can’t [help families and small businesses] at the expense of our children and grandchildren’s future.” Source: Rep. Ken Buck (Republican, Colorado, District 4)
• “many of the smallest of small businesses — the coffee shop around the corner, or your favorite neighborhood food truck or nail salon — are finding themselves at the back of the line… Small businesses that have never been vetted for a loan, or that don’t already have an account at an SBA-approved lender will face long delays… The Treasury Department should act now to ensure that small businesses do not lose out in the race for PPP funds simply because they don’t already have a… relationship with a Small Business Administration lender.” Source: L.A. Times
• “many of the smallest of small businesses — the coffee shop around the corner, or your favorite neighborhood food truck or nail salon — are finding themselves at the back of the line… Small businesses that have never been vetted for a loan, or that don’t already have an account at an SBA-approved lender will face long delays… The Treasury Department should act now to ensure that small businesses do not lose out in the race for PPP funds simply because they don’t already have a… relationship with a Small Business Administration lender.” Source: L.A. Times
Proponents say
• “The CARES Act will put critical resources where they’re needed most right now – with America’s health care workers and hospitals, our local communities, and directly in the hands of American families, workers, and small businesses.” Source: Rep. Joe Courtney (Democrat, Connecticut, District 2)
• “[the spending is necessary to] save millions of jobs of those employed by small businesses, and help prevent a devastating recession, perhaps even a depression, in this country." Source: Sen. Susan M. Collins (Republican, Maine)
• “[the spending is necessary to] save millions of jobs of those employed by small businesses, and help prevent a devastating recession, perhaps even a depression, in this country." Source: Sen. Susan M. Collins (Republican, Maine)
