Congressman Crenshaw here,
Congress is on the verge of passing much-needed relief for the American people struggling during the coronavirus pandemic. I wanted to provide an update on what this legislation includes, and what it means for Texas families, businesses, and our economy.
Businesses eligible for loans includes small businesses, 501(c)(3) nonprofits, including churches. We also provide this relief for sole-proprietors, independent contractors, and other self-employed individuals.
This legislation also expands coverage of COVID-19 diagnostics to all Americans, by ensuring that tests and all future vaccines are covered by insurance. States are also allowed the option to provide a future vaccine to uninsured populations, through the Medicaid program.
Loans to Distressed Industries
This legislation also protects the large businesses who are being hit especially hard by this crisis and employ millions of Americans. This legislation allocates $500 billion to what is called an Exchange Stabilization Fund (ESF), which is basically an emergency reserve fund that provides the Treasury Secretary with the authority to distribute emergency funding. That includes up to $46 billion to assist air carriers and businesses critical to our national defense.
To be clear, this is not a bailout. The fund provides loans that must be paid back, and the loans are to Americans who, through no fault of their own, are in economic jeopardy. Additionally, this comes with strict oversight to prevent stock buy-backs, executive pay raises, and layoffs.
$1.25 billion in additional funding for Tenant Based Rental Assistance programs to assist more families in securing stable housing during this emergency and help assisted households who may lose income during the outbreak.
Additionally, we are protecting homeowners and renters from foreclosure and eviction by prohibiting foreclosures on any federally backed mortgages for 60-days. This bill also allows borrowers affected by COVID-19 to shift any missed payments to the end of their mortgage, with no added penalties or interest, for 180 days.
This bill halts evictions for renters in properties with federally backed mortgages for 120 days, and gives relief to multifamily property owners through forbearance on any federally backed mortgage.
This legislation provides needed relief to college students to ensure they are not harmed by colleges’ decisions to switch to online delivery models or close outright in the middle of the semester. Specifically, the bill provides direct financial relief to many student loan borrowers by pausing their monthly repayment requirements for six months with no penalty.
We are also providing schools the flexibility to ensure this interrupted or unfinished semester does not stop their students' ability to continue class in the future. Students will not be on the hook for financial aid distributed to them when the pandemic forced them to drop out mid-term
$36.1 billion for our transportation systems such as airports, transit, and passenger rail.
$45 billion for the Federal Emergency Management Agency’s Disaster Relief Fund.
$31 billion for K-12 schools, colleges, and universities
$5 billion for Community Development Block Grants
$19 billion for veterans assistance
$25.1 billion for nutritional assistance for senior citizens, women, children, and low-income families.
$150 billion for states and localities.
We Will Get Through This
This is a crisis that impacts all of us, but I am confident that we will triumph as a nation. I will continue to work to ensure we defeat this disease and I will do what’s necessary to keep the American people safe.
It is a privilege to serve you in Congress.