Rep. Omar Introduces Bold Package to Address Coronavirus Crisis: $1,000 for Every Adult Monthly, $500 for Every Child, Compensation for Small Businesses, No Bailout for Oil Executives
WASHINGTON—Rep. Omar today announced a bold package of bills to swiftly bring vital economic assistance to all Americans and small businesses during this coronavirus crisis and ensure those funds are not going to fossil fuel executives. The proposals would universally guarantee a monthly payment of $1,000 for every adult over the age of 18 and $500 for every child residing in the United States through the end of the pandemic, require the federal government to fully compensate small businesses disproportionally affected by coronavirus, and would prohibit the Trump Administration from giving away billions of dollars to fossil fuel corporations.
“The coronavirus shock could claim millions of jobs by this summer,” Rep. Omar said “It is deferring dreams, robbing Americans of their savings, and putting millions of families in debt. As job losses mount, we must take immediate action to invest directly in the American people. This package addresses three goals we must abide by in any recovery package:
- We need to put money in the hands of the American people now.
- We need to protect small businesses and slow the job losses now.
- We must make sure that we are not funding giveaways to corporations that do not benefit the American people ever.”
The Reinvestment to Ensure a Livable Income for Every Family (RELIEF) Act would—
- Universally guarantee a monthly payment of $1,000 for every adult over the age of 18 and $500 for every child residing in the United States through the end of the pandemic.
- These direct payments would occur monthly until the pandemic is over as declared by Treasury and Health and Human Services, with the last payment coming the quarter after the pandemic ends.
- Congress will have the option to reexamine and extend this policy further if the economic fallout is still felt significantly after the declared end of the pandemic.
- Be administered by the Social Security Administration, in consultation with the Internal Revenue Service (IRS), as soon as possible using their existing mechanisms for online direct deposit and direct check payments.
- The IRS will also be responsible for collecting post-taxes on these benefits for the top 1% income earners in the next tax year filing.
- All other Americans would receive these payments as advanced refundable credits, so they would also be held harmless for any overpayments or errors made in the delivery.
- Require reporting by the Congressional Budget Office to study how the U.S. could implement alternative economic resiliency and stabilization policies, such as guaranteed income, to better improve readiness for future economic downturn caused by depressions, pandemics, and climate change catastrophes.
The Assistance for Businesses and Local Economies Act (ABLE) Act would—
- Require the federal government to compensate all small businesses with output losses, disproportionally affected by coronavirus by covering all the wages, maintenance costs, and other necessary capital payments.
- This federal assistance would include the self-employed and independent contractors by covering all their lost earnings.
- Be administered by the Small Business Administration, in consultation with the IRS, as soon as possible using past audits and tax returns to determine eligibility for temporary payments for qualifying companies in struggling industries.
- These temporary payments would last for at least three months or until Treasury and Health and Human Services declare an end to the pandemic.
- Any costs compensated by the government that is found to be in excess or unnecessary in a later review or audit would be automatically considered as a zero-interest loan to be paid and returned.
Stop Trump’s Oil Payoff Act (STOP) Act would—
- Prohibit the Trump Administration from slashing royalty rates for fossil fuel corporations and giving away billions of dollars to well established and highly profitable polluters.
- The Stop Trump’s Oil Payoff Act is a response to President Trump’s proposed oil industry bail out as a result of COVID-19.
- According to Oil Change International, the United States already subsides fossil fuel exploration and production at a rate of $20.5 billion annually. The reported proposal of using additional federal funds, low-interest loans, royalty relief, tax breaks, or strategic petroleum reserve purchases, would not only be extremely careless but will continue to exacerbate our climate crisis.