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Crow Statement on Passage of Coronavirus Stimulus Package; Sends Resources to Those Most in Need

March 27, 2020

Below please find a statement from Rep. Jason Crow on the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a historic, bipartisan stimulus package to deliver urgently needed relief to those in Colorado and across the country who are impacted by the coronavirus. Earlier today, Rep. Crow spoke on the House floor in support of passing the bill. You can watch his floor speech here.

"Our country and the American people are in crisis and it requires our action now. To be clear, this is not a perfect bill, but it is the bill that America needs today. It will provide immediate relief, direct cash payments to millions of Americans to pay rent, buy food, and pay their mortgages, and over $370 billion dollars to our small businesses in immediate grants and loans. There is much more that needs to be done but we will work together to do it and improve moving forward.

"We will get through this challenging time as a country because that is what America does. We are at our best when we come together and meet our common challenges and that is exactly what we will do."

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Rep. Crow Speaking on Coronavirus Stimulus Package: The CARES Act

The bill includes multiple provisions fought for by Crow including: waiving Small Business Administration (SBA) express loan fees for veterans permanently, increasing the maximum SBA express loan amount from $350,000 to $1 million, and waiving the early withdrawal penalty for people looking to withdraw up to $100,000 from their retirement plans.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, among other things, provides:

  • Over $2 billion to the State of Colorado for additional resources to cope with the pandemic, including for purchasing personal protective equipment (PPE) and testing supplies
  • A $200 billion investment in hospitals, health systems and health research
  • A $260 billion investment in enhanced unemployment compensation benefits to support laid-off or furloughed workers, including for self-employed, contract and gig economy workers
  • $349 billion for forgivable loans to small businesses to pay employees and keep them on the payroll throughout the crisis
  • $17 billion for debt relief for small businesses with existing loans
  • $10 billion in immediate disaster grants of up to $10,000 for small businesses
  • More than $100 million for PPE for our nation's first responders
  • Automatic, direct cash payments to most Americans of $1,200 for each adult and $500 for each child, phasing down for individuals making more than $75,000 and married couples earning more than $150,000. This includes those receiving Social Security or Disability Insurance, as long as they filed a tax return. These payments will provide the cash needed right now to help pay for essentials.

Full text of the bill can be found here.