Butterfield Urges Swift Passage of Third Coronavirus Bill

Press Release

Congressman Butterfield released the following statement on the third coronavirus legislative response package:

"Our nation is facing a historic health and economic crisis and the American people deserve a historic response from Congress to support their needs. The original proposal offered by Senate Republicans fell far short of being pro-worker by placing corporations first. I am proud of the relentless work of Democratic Leader Schumer and all Congressional Democrats as we continued to insist that this stimulus proposal included new, strong and strict provisions that prioritize and protect workers, such as banning recipient companies from buying back stock, rewarding executives and laying off workers. The proposal now includes:

$250 billion for direct financial support for eligible adults and children
$1,200 for individuals who earn $75,000 or less in AGI
$2,400 for married couples earning $150,000 or less
$500 additional for each child

Expanded unemployment insurance
4 months additional unemployment benefits
Increases maximum unemployment benefit by $600 per week
Ensures laid-off workers on average will receive their full pay for 4 months

$130 billion for hospitals, doctors, nurses and community health centers
$150 billion for state, tribal, and local governments

$350 billion in small business loans
$10 billion for SBA emergency grants of up to $10,000 for operating costs
$17 billion for SBA to cover 6 months of payments for small businesses with existing SBA loans
Makes rent, mortgage and utility costs eligible for SBA loan forgiveness
Retention tax credit for employers to keep workers on payroll during crisis

$500 billion in loans for distressed companies
Strict oversight of business loans by creating a Treasury Department Special Inspector General
for Pandemic Recovery and a Pandemic Response Accountability Committee
Bans stock buybacks for companies receiving loans for the duration of the loan plus another
year

$30 billion for education funding
Elimination of income tax on student loan repayment assistance by an employer
$25 billion for public transit agencies
Prohibits aid from bill going to business controlled by President Trump, Vice President Mike Pence, or any Cabinet officials or Members of Congress or their children, spouses and in-laws.

This third package was preceded by two previous bipartisan emergency response packages, led by House Democrats. The first was a funding package of $8.3 billion to bolster public health infrastructure, including $100 million for community health centers. It was signed into law on March 6, 2020. The next step was the Families First Coronavirus Response Act, which took a Families First approach by including free coronavirus testing, providing paid sick leave and family medical leave due to the spread of the virus, and it increased food security by increasing funding for SNAP and other food programs. The bill also included provisions from my bill, H.R. 6273, the Protecting Vulnerable Americans in Times of Crisis Act of 2020, which increases federal reimbursements to states for their Medicaid expenditures. The President signed this bill into law on March 18, 2020.

"North Carolinians and Americans across the country need help and they need it now. I support this third stimulus package and urge its immediate passage."

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