Rep. Calvert Statement on the CARES Act
March 26, 2020
Today, Congressman Ken Calvert released the following statement on the Coronavirus Aid, Relief, and Economic Security (CARES) Act:
“America is facing an unprecedented crisis that requires unprecedented solutions. The goal of the CARES Act is to provide a bridge for American workers, job creators, and health care providers to get through this challenging period.
The CARES Act ensures Americans have money in their bank accounts now through tax rebate payments. The bill also takes extraordinary but necessary steps to establish financial security for job creators so they can keep workers on their payrolls. For those workers who do ultimately lose paychecks, the bill temporarily expands our current unemployment benefits both in terms of the size of the benefit and the length of eligibility. Keeping American families healthy, both physically and financially, is the overarching objective of this historic legislation.
It is understandable that American taxpayers have concerns and questions about federally funded assistance for privately held businesses and corporations. To address these concerns, the bill contains a host of safeguards and transparency requirements. Specifically, small business loan forgiveness is directly linked to keeping employees on payroll. Corporations in severely distressed sectors of the economy, which are some of our largest job creators, may not increase compensation for executives for two years or provide so-called golden parachutes if they receive loans. They are also prevented from using relief for stock buy-backs.
Our health care workers are on the front lines of our battle against COVID-19 and are the true heroes in this struggle. To support them, the CARES Act provides our health care facilities with $100 billion in additional resources and payments for any unreimbursed health care related expenses. We also fund a $16 billion investment in the Strategic National Stockpile to make sure our states and localities have the personal protective equipment, ventilators, and other medical supplies their health care facilities need to keep Americans healthy.
The passage of the CARES Act is another bipartisan step taken by Congress to rise to the unique and unprecedented challenge presented by the COVID-19 virus. It supports individuals across our nation who are stepping up in so many different ways to meet the demands presented by this moment. The work of Congress is not done as we must continue to supply the solutions our country requires. While difficult days remain, I find hope in the unbreakable spirit, compassion and perseverance of the American people.”
For more information about the CARES Act and other COVID-19 resources please visit Calvert.House.Gov/COVID-19