April 3, 2020 - Issue: Vol. 166, No. 65 — Daily Edition116th Congress (2019 - 2020) - 2nd Session
MIDDLE CLASS HEALTH BENEFITS TAX REPEAL ACT OF 2019; Congressional Record Vol. 166, No. 65
(Extensions of Remarks - April 03, 2020)
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[Extensions of Remarks] [Pages E349-E350] From the Congressional Record Online through the Government Publishing Office [www.gpo.gov] MIDDLE CLASS HEALTH BENEFITS TAX REPEAL ACT OF 2019 ______ 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. ____________________