Statement on Coronavirus Aid, Relief and Economic Security (CARES) Act

March 27, 2020

Today, Congressman Brad Schneider released the following statement on his vote in favor of the Coronavirus Aid, Relief and Economic Security (CARES) Act:

"The coronavirus epidemic is a national crisis and an unprecedented challenge for all Americans. That's why today I returned to Washington to help pass the CARES Act and get urgently needed critical resources to our health care providers, workers and families, Main Street businesses, and state and local governments on the frontlines of this crisis.

"This expansive $2 trillion bill, which is the result of intense negotiations between both parties, is not perfect, but I am confident the hard work and commitment of House Democrats made sure the bill gave first priority to those who need our help the most. That includes relief to families in the form of direct assistance and expanded unemployment insurance; more than $200 billion to our hospitals and health care workers bravely working to save countless lives; $150 billion for state and local governments stretched thin by the crisis; and more than $375 billion for small businesses, including forgivable loans to keep employees on their payroll.

"In the days ahead, I will focus on ensuring these funds are administered properly and conducting oversight of the Administration's response. As this pandemic continues to evolve, we must be ready to continue seeking solutions to help our communities weather this crisis and recover."

Legislation that Schneider previously introduced was also incorporated into the package:

The CARES Act includes language to help mitigate shortages in the medical device supply chain, including for devices such as ventilators, by requiring manufacturers to report an expected shortage of a critical or life-saving medical device. This is similar language to H.R.6062, which Schneider introduced on March 2, 2020.

The CARES Act includes language enacting a 5-year carryback provision on net operating losses (NOLs) similar to Schneider's H.R. 6367, which would allow small businesses with fewer than 250 employees to spread NOLs over a "carryback" period of five years, to provide much needed tax flexibility to hardworking Americans.
The CARES Act includes language Schneider introduced earlier this week that waives the matching funding requirement for 3-months for Women's Business Centers to ensure that these divisions of the Small Business Administration are positioned to help women business owners through this crisis.