As the $2 trillion economic stimulus package moves to the U.S. House of Representatives for a vote, Rep. Ben McAdams said it's not perfect, but it will help Utahns.
The congressman, who's currently hospitalized for coronavirus treatment, released a statement saying the Senate's health and economic recovery bill builds on "two earlier legislative relief measures to provide a lifeline for all Americans, small businesses, local governments and healthcare providers during the coronavirus outbreak."
“What’s important now is that resources are headed to Utah families, small businesses and employees, hospitals and health care workers, and state and local governments," McAdams stated in a press release.
I remain focused on working with Utahns to counter the effects of this virus outbreak as it continues to hammer our communities.
The Senate passed the measure by a vote of 96-0 on Wednesday.
Provisions of the bipartisan compromise include:
- Direct financial support for individuals and families, in the amount of $1,200 per adult and $500 per child. The funds are distributed based on individuals’ or couples’ 2018 or 2019 tax filings. The Treasury Department is to distribute as quickly as possible, either by direct deposit or in the form of a check in the mail.
- More than $100 billion in emergency funding to hospitals and health care providers for, among other things, more personal protective equipment.
- $150 billion in direct assistance to state and local governments to respond to the coronavirus emergency.
- $377 billion in direct financial support for small businesses and nonprofit organizations through forgivable loans and emergency grants. Also, payroll expenses, in addition to commercial rent, mortgage and utility payments are made eligible for SBA loan forgiveness.
- Creation of a Treasury Department Special Inspector General for Pandemic Recovery to provide oversight of Treasury loans and a Pandemic Response Accountability Committee to protect taxpayer dollars. As co-chair of the Blue Dog Task Force on Fiscal Responsibility, McAdams pushed for this to be included to ensure proper oversight of taxpayer funds.
- Prohibits recipients of Treasury relief aid from using it for stock buy backs or executive bonuses or other compensation.
McAdams says the House will review the bill on Thursday, with the goal of passing it by voice vote on Friday.
If it passes, the recovery package will be sent to President Trump's desk.