Washington Examiner / Magazine
April 7, 2020 Issue
April 7, 2020 Print Edition
Cover Story
All hands on deck
The novel coronavirus outbreak will require leaders in business and government to continue to come together to help our nation deal with the pandemic, support our healthcare system, weather the economic disruption, and ensure we can come back from this crisis stronger than ever. The CARES Act, passed by Congress unanimously and signed into law by President Trump, is the largest rescue package in American history. The U.S. Chamber of Congress worked vigorously to advance the legislation because no family should go bankrupt, no business should go under, and no industry should be left in ruins because of the pandemic. The emergency funding programs in the law will make the difference between keeping a business up and running over the coming weeks and being forced to reduce salaries, lay off employees, or shut down forever. The CARES Act contains three important provisions for businesses. First, it delays payment of employer payroll taxes, which allows businesses to have more cash to keep workers on their payrolls. Second, it provides $350 billion in loans for small businesses. These loans will support business operations and can be converted to grants for businesses that use the money to retain employees. Third, there is $425 billion in loans, loan guarantees, and support for the Federal Reserve to shore up midsize and large businesses. The Fed could leverage these funds up to $4 trillion. But the all-hands-on-deck effort needed is just...

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