House approves critical coronavirus economic relief package

WASHINGTON, D.C. – The U.S. House of Representatives today approved a critical economic relief package to help workers and small businesses impacted by the coronavirus pandemic.

The bipartisan legislation – supported by U.S. Rep. Diana DeGette (D-CO) – would provide direct cash payments to most American workers, dramatically expand unemployment insurance benefits and give billions of dollars in much-needed assistance to small businesses to help them maintain payroll and avoid laying off workers. It would also direct billions of dollars toward hospitals and other health care providers on the frontlines of this pandemic, in part to help them purchase additional life-saving protective equipment.

"We need to bring immediate relief to the millions of American families now struggling to make ends meet," DeGette said. "This bill puts workers and their families first by providing direct cash payments to most American workers, dramatically expanding unemployment benefits and stabilizing small businesses. While there is still more to be done, this will bring much-needed economic relief to those that have been hurt by this unprecedented public health crisis."

The economic relief package – known as the Coronavirus Aid, Relief, and Economic Security Act – would provide:

• Direct Cash Payments to 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.
• $260 Billion in 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.
• 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 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 life-saving equipment desperately needed by health care workers, including ventilators, n95 masks, gowns and gloves.
• 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.

The bill now heads to the White House where it is expected to be signed into law soon.