Read about my plan for economic recovery during COVID-19

March 17, 2020
Enewsletter

Dear Friends,

It seems that each day and, in some cases, each hour we are learning more and more about COVID-19 and the steps each level of government is taking to prepare and mitigate the damages.

I’m going to let you know what I’m doing and what I’m fighting for.

First, my team and I are in constant communication with the leadership in the State of Oregon as well as the various government entities around the region. We are also monitoring updated guidance from the Center for Disease Control (CDC) and other federal agencies.

I am also working with all of the members of Oregon’s congressional delegation to ensure that the federal government is stepping up its response. We demanded better information and more tests, equipment and resources to Oregon and other states hit hard by COVID-19.

Over the weekend I participated in several conference calls with small business owners from the Portland region. These calls were incredibly sobering. We know that a lot of people are going to be laid off, businesses are going to close, and others are going to have to scrape by.

We will still be dealing with the economic consequences of this public health crisis long after we get it under control. To that end, I’ve been putting together a plan to try and help our families as well as small- and medium-sized businesses. I'm also working toward putting a moratorium on evictions and student loan payments to provide Oregonians relief amidst this crisis. 

My proposal calls for the federal government to:

  • Supply a Universal Basic Income (UBI) of $1,000/month to account for lost wages;
  • Provide direct funding to local businesses to pay their employees and avoid bankruptcy with stringent requirements that the money goes to employees, not executives;
  • Expand Unemployment Insurance to cover up to 12 months of lost wages, and eliminate waiting periods and work search requirements;
  • Temporarily allow businesses who continue to pay their workers to use this year’s net operating losses to obtain a refund for taxes paid in prior year;
  • Create a temporary employee retention tax credit to encourage affected businesses keep employees on the payroll; and
  • Provide loans to affected industries to keep workers employed in exchange for preferred stock that allow for taxpayers to be made whole when businesses recover.

To read more about my economic stimulus plan to rebound from COVID-19, click here.

Both my Portland and Washington D.C. offices are working remotely and we welcome your thoughts and feedback.  The best way to do that currently is through my website.

I’m wishing the best for all of you.

Courage,

Earl