Congressman Kim Statement on Passage of Coronavirus Relief Bill

Statement

Today, Congressman Andy Kim (NJ-03) released the following statement on the passage of H.R. 748 -- Coronavirus Aid, Relief, and Economic Security (CARES) Act, a bipartisan bill to address the ongoing public health and economic crisis created by the COVID-19 pandemic.

The Congressman's remarks can be found by clicking here, or through the transcript below:

Hi, this is Congressman Andy Kim from the New Jersey Third Congressional District. I wanted to just start by wishing you and your family security and safety through this crisis. I've heard from so many of you who have called and emailed to me telling me about your concerns about the health of you or a loved one.

I've heard from so many small business owners about the struggles you're having, about whether or not you're going to have to shut your business down, potentially forever. And concerns from workers who don't know if they'll be able to pay their next bills as they've been either laid off or not been able to go to work.

These are real problems that we're facing, and it's so critically important that we in the government and Congress respond with the urgency that you need and deserve. Today's actions of passing this $2 Trillion stimulus relief package is aimed at doing so, which is why I supported it.

It's about making sure that we can chart a course forward for our small businesses to get the grants and the loans that are going to help you weather this, not just today, but for the coming weeks and months. This is about the workers who have been laid off, for you to get the unemployment insurance and support that you're going to need and deserve to be able to go forward and pay your bills and be able to keep at this and be able to support your family.

For those that are sick or for our communities who are worried about this virus, this is how we invest in slowing the spread of this virus and investing in our health infrastructure. These are the types of things that this bill moves forward on, which is why I support it, and why it is that we need to urgently see this taken into action.

I continue to stand by for anything you need help on, and if I can be of any assistance, please don't hesitate to reach on out. I'll be standing with you, side by side, throughout this crisis.

Thank you.

The CARES Act includes:

-A $150 Billion State and Local Coronavirus Relief Fund: Creates a $150 billion State and Local Coronavirus Relief Fund to provide states and localities additional resources to cope with the coronavirus pandemic. It is estimated that New Jersey will receive approximately $ 3.44 billion in desperately needed funds to benefit our state's residents.
-$260 Billion in Dramatically Expanded Unemployment Benefits: Includes numerous provisions to improve unemployment benefits including providing an additional $600 per week for the next four months, providing an additional 13 weeks of federally funded benefits, and expanding eligibility to include workers in the gig economy and self-employed workers.
-Immediate Direct Cash Payments to Lower and Middle-Income Americans: Provides for immediate, direct cash payments to lower-and middle-income Americans of $1,200 for each adult and $500 for each child, beginning to phase out at an annual income of $75,000 for an individual and $150,000 for a household. These payments will provide individuals with the cash they need right now to survive with much of the economy currently shut down.
-More Than $375 Billion in Small Business Relief: Provides more than $375 billion in small business relief, including $349 billion for forgivable loans to small businesses to pay their employees and keep them on the payroll; $17 billion for debt relief for current and new SBA borrowers; and $10 billion in immediate disaster grants.
-Approximately $200 Billion for Our Hospitals, Health Care Workers, and Health Research: Provides an investment of about $200 billion in our hospitals, health systems, and health research, including expanding funding for the personal protective equipment desperately needed by our health care workers, including ventilators, n95 masks, gowns, gloves, etc.

Congressman Kim is a member of the House Armed Services Committee and the House Committee on Small Business.

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