Dear Neighbors,
I’m checking in with a few critical updates about the historic, bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law on Friday.
We’re in this together, and I’m focused on doing everything I can to get us through as healthy, economically sound, and prepared for the future as possible. The $2.2 trillion package is imperfect, but American families, workers, and small business are in urgent need of support – that’s why I joined principled members of Congress from both parties in support of the phase III relief package.
This is the most significant distribution of taxpayer money in human history, and while it’s absolutely necessary to protect jobs and keep businesses afloat – our money must be spent effectively, equitably, and with accountability and transparency. I’m so proud that my idea to mandate congressional oversight over relief spending was supported by Republicans, Democrats, and independents alike.
Click here to watch my conversation with Alex Witt on
on MSNBC about congressional oversight.
That essential oversight will ensure that relief is distributed directly to Minnesota families, workers, small businesses, medical professionals, and first responders. If administered as intended, the bipartisan CARES Act will deliver:
- Direct Payments: Gives up to $1,200 to each working class American and an additional $500 per child under 17. The full payment is available to individuals making up to $75,000 and married couples making up to $150,000.
- Unemployment Benefits: Extends unemployment benefit eligibility to four months and expands access to part-time, self-employed, and gig economy workers.
- Healthcare: Invests $150 billion to fund testing supplies and personal protective equipment for healthcare workers.
- Student Loan Relief: Includes tax relief for employers that implement student loan repayment programs and ensures that federal student loans will have 0% interest rates for six months with no required payments during this period.
- Small Business Support: Provides $350 billion in loan forgiveness grants to small businesses and non-profits and gives the Small Business Administration (SBA) $10 billion for emergency grants of up to $10,000.
- Oversight: Bans stock buybacks and CEO bonuses by companies receiving Treasury loans or investment for the term of the loan, plus an additional year.
In the coming days, weeks, and months, many will struggle to navigate the federal government to obtain benefits and federal assistance. Bureaucracy should never be a barrier to care, and my office is here to help. If you or someone you know needs help with a federal agency, please call us at (952) 656-5176. This is a rapidly evolving situation, so please refer to my website for the most up-to-date information.
In these uncertain times, we need hopefulness on a massive scale. So many amazing people are doing their jobs under difficult conditions, worried for their health and those they love – yet with smiles on their faces and compassion in their voices. We’re going to get through this. We need each other now more than ever and we will persevere if we count on one other. So please continue to share your stories, ideas, and criticisms with me – and keep the faith.
Stay safe,
Dean Phillips
Member of Congress
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