President signs historic bill into lawSmith speaks in favor of Coronavirus Aid Relief and Economic Security (CARES) Act
A comprehensive bipartisan $2 trillion stimulus package to help restore the U.S. economy devastated by the Coronavirus pandemic, was passed by the U.S. House of Representatives and signed into law by President Trump today.
“Containing the Coronavirus pandemic, developing and deploying reliable therapeutics and creating a safe and effective vaccine must be our highest priority—no matter the cost,” said Rep. Chris Smith (NJ-04) who returned to Washington to participate in the floor debate and support the bill. Click here to read or watch Smith’s floor statement.
“People—especially those on the front lines in health care and first responders—are heroically meeting the challenge, often at great personal cost. Their tenacity, skill and courage—inspire,” he said. “The public-private partnership in my district, state and in the nation is unprecedented. We must do everything we can to flatten the curve and help our people and communities recover.”
Smith noted that his home state of New Jersey has been hard hit by COVID-19. “As of today,” he said, “6,876 people have tested positive with 81 deaths. Tragically, in my district, four members of one family have died from the virus.”
Smith said the new bill, the Coronavirus Aid Relief and Economic Security Act (CARES Act), “provides direct financial assistance to taxpayers, $100 billion in grants to hospitals, $150 billion to state and local governments, $350 billion for a new paycheck protection program that provides eight weeks of guaranteed loans to employers who retain their employees, an additional $600 per week for up to four months on top of state unemployment insurance, $25 billion for food assistance and much more.”
The CARES Act is Phase III of the federal response. Smith noted that he supported Phase I, the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020—which provided $8.3 billion for treatment and prevention measures; and Phase II, the Families First Coronavirus Response Act—which provided paid sick leave, family medical leave, free testing, and expanded unemployment benefits among other provisions to help working Americans.
As signed by President Trump, The CARES Act will:
“More remains to be done to reverse the economic hardship caused by this virus,” Smith said. “Still this legislation ensures that the federal government send money and expertise to New Jersey to help mitigate additional job loss, support those who have lost their jobs through no fault of their own and support our State and local government response teams, hospitals and service industry sectors. Our country will recover, and this is an important part of that effort.”
Additional Summaries about the CARES Act
Tax, Unemployment and Support for Distressed Industries
Relief for Job Creators and Consumers