Congressman Earl Blumenauer Releases COVID-19 Economic Stabilization Plan
Congressman Earl Blumenauer (OR-03), senior member of the Ways and Means Committee, today released an economic stabilization plan to help small- and medium-sized businesses recover from economic burdens due to the COVID-19 outbreak. While Congressman Blumenauer’s plan specifically aims to help workers, employers, and local businesses, he is also working toward putting a moratorium on evictions and student loan payments to provide Oregonians relief amidst this crisis.
In the proposal, Congressman Blumenauer 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.
“I have spoken with many small business owners in the Portland area as well as workers who are being laid off, and in my opinion, there hasn’t been adequate assistance provided to people and businesses experiencing economic losses as a result of COVID-19,” wrote Congressman Blumenauer. “People can’t afford to wait any longer. That is why I am calling for Congress to immediately pass an emergency economic stabilization package to stem the tide of layoffs and closures while we get the public health emergency under control.”
To read Congressman Blumenauer’s economic stability plan, click here.