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Arlington, VA – Less than two weeks after Congress passed the $2 trillion CARES Act, some lawmakers are already rushing to load up a new multi-billion dollar funding package despite the CARES Act having barely been implemented.
Americans for Prosperity President Tim Phillips issued the following statement:
“Now is the time to assess whether relief is getting to the people who need it and fix what’s broken – not rush through another massive bill that could prove less effective than what those Americans in need deserve. Relief is only effective if it is actually in the hands of those in need. The idea that simply approving more spending is an adequate response is not only false, but reckless. Lawmakers should instead focus on properly implementing the $2 trillion package they just passed while also considering reforms that, once this public health crisis is over, could help clear the way for businesses and individuals to jumpstart the economy.”
With the new facilities announced by the Fed today, only $195 billion of the Treasury’s $454 billion Economic Stabilization Funds have been spent. Treasury Secretary Mnuchin said on CNBC this morning that they are working with airlines to provide support to them, but details haven’t been finalized.
As of April 7, only $66 billion of the $349 billion for the Paycheck Protection Program has been made in loans by the Small Business Association.
To date, no Economic Impact Payments to individuals have been made. On March 30, the IRS said payments will begin “in three weeks”.