MIDDLE CLASS HEALTH BENEFITS TAX REPEAL ACT OF 2019; Congressional Record Vol. 166, No. 65
(Extensions of Remarks - April 03, 2020)

Text available as:

Formatting necessary for an accurate reading of this text may be shown by tags (e.g., <DELETED> or <BOLD>) or may be missing from this TXT display. For complete and accurate display of this text, see the PDF.

[Extensions of Remarks]
[Pages E349-E350]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                               speech of

                        HON. PATRICK T. McHENRY

                           of north carolina

                    in the house of representatives

                         Friday, March 27, 2020

  Mr. McHENRY. Mr. Speaker, this unprecedented time in our nation's 
history calls for an unprecedented response. This is not like any 
economic or health issue we've faced. This is a voluntary shut down of 
vast parts of the economy in an effort to save American lives, and, as 
a result, we need the CARES Act.
  It's important to remember, this is not a stimulus package, this is 
emergency relief. And this is not a bailout for bad business decisions 
or one specific industry. The CARES Act, while not perfect, is the 
appropriate action to provide necessary resources to get Americans and 
our economy through this national emergency.
  My ultimate goal for this legislation is to keep Americans employed. 
Specifically, this bill will provide relief to our small businesses to 
help them keep employees on payroll and prepare those businesses to be 
up and running as soon as America is open for business again.
  The CARES Act provides $377 billion in small business loans. This 
will allow a small business to go to any federally insured financial 
institution to access those loans--many of which will be forgiven if 
used to support keeping employees on payroll, another important 
provision to help keep folks employed.
  This bill also provides Treasury Secretary Mnuchin and Fed Chairman 
Powell with the resources they need to address the liquidity crisis 
facing the main street businesses that employ millions of Americans. 
The CARES Act allows them the flexibility to meet the needs of American 
businesses in the coming weeks and months by allocating $500 billion to 
an Exchange Stabilization Fund, or ESF. This

[[Page E350]]

critical funding will allow the Treasury Secretary to provide loans and 
loan guarantees to businesses of all sizes.
  Of that $500 billion, $454 billion assists the Treasury Department 
and Federal Reserve in loan facilities and programs to help distressed 
businesses. This funding has the potential to unleash more than $4 
trillion in lending to businesses of all sizes, consumers, local 
governments, and money market funds.
  We know Americans can't wait for this relief. I'm glad the CARES Act 
is soon headed to the President's desk for his signature and to the aid 
of families across our country.