Congress OKs $2.2 trillion bill related to COVID-19

Late last week, President Donald Trump signed a $2.2 trillion bill described by supporters as a relief effort and stimulus for businesses and people affected by the coronavirus outbreak.

The measure passed the U.S. House of Representatives on Friday by a voice vote after the Senate voted 96-0 to advance the measure.

The Coronavirus Aid, Relief and Economic Security (CARES) Act is the biggest spending measure of its kind in U.S. history. The $2.2 trillion figure is more than the total amount of money in circulation in the country, which is $1.75 trillion, according to February 2020 statistics from the Federal Reserve.

Congressman Roger Williams, whose district includes Lampasas, voiced support for the bill. Williams often has called for a smaller role for the federal government but said the unprecedented nature of the COVID-19 virus and its impact warranted a response on this scale.

By Monday morning, more than 143,000 cases of the virus had been confirmed in the United States. There were 2,572 deaths, 4,865 recoveries, and many cases that remained active.

Many state and local governments have issued orders closing businesses considered "non-essential" and banning gatherings of groups over a certain size.

"I want to infuse capital in mainstream America," Williams said, to "get money in the hands of small businesses" and "I want to take care of those people who lost their job."

The U.S. Department of the Treasury website, treasurydirect.gov, showed the total outstanding public debt to be over $23.5 trillion as of March 26.

Williams said while he is concerned about the national deficit, he sees immediate relief as the priority for a nation battling a pandemic as well as economic stress.

"People are disturbed from work because they're out of their work …We know the quickest way to defeat this virus is to basically stay away from people."

Last week's bill provides the following, which Williams' press office highlighted as positives.

Small Businesses

• Creates a new $350 billion small business loan program, which will provide working capital and allows for some loan forgiveness if they maintain payroll.

• Increases Small Business Administration loan amounts.

• Payroll taxes for employers are delayed for two years.

• Allows for net operating losses from 2018-2020 to be counted toward future tax liabilities to increase cash flow.

Health care

• Expands tele-health service to rural areas, including $200 million for services and devices in a separate fund from the existing Rural Health Care Program.

• $1.32 billion is allocated for Community Health Centers.

• $16 billion is allocated for ventilators and personal protective equipment for health care providers.

Economy

• Provides cash payments directly to American families for rent, utility and other necessary payments.

• Strengthens unemployment benefits for those who lost their jobs at no fault of their own

• $500 billion is allocated to ensure critical industries that have been shut down can survive the crisis.

A bill summary provided by the House Republican Conference explained the cash payments to Americans consist of a one-time tax rebate check of $1,200 per individual, $2,400 per couple and $500 per eligible child. The amount is reduced for higher income earners, starting at $75,000 for individuals, $112,500 for head of household and $150,000 for married couples.

Cash payments phase out completely at the $99,000 income threshold for individuals and $198,000 for married couples.

Direct funding to combat the pandemic includes $150 billion for states, cities and localities, and payment for health care workers' personal protective equipment, research of new treatments and vaccines, veterans health care, Department of Defense response to COVID-19 and to colleges, universities and business

"My top priorities," Williams said, "have been providing direct assistance to our Texan families desperately in need of relief and those unexpectedly out of work due to this unprecedented pandemic.

"I've also been working to provide critical resources for health care providers on the front lines working around the clock to protect our families and heal our communities, and ensuring our Main Street businesses can begin the road to recovery while maintaining maximal employment."

Williams said the American spirit will carry the nation through the crisis.

One reason he is optimistic about a future recovery, Williams said, is that unlike the 2008 recession, "the banks are flush with cash, and we have low interest rates."

Williams also said, while he supported this federal measure, he has faith in private healthcare and that the private sector has contributed to fight against COVID-19

"You've even got businesses in our district that are calling, wanting to convert what they're manufacturing to help make surgical gowns … I've got [constituents with] a company that makes pants that wants to make surgical gowns."