Extensions of Remarks on Pandemic Relief Package — Congressional Record, December 24, 2020
Summary
Extensions of Remarks page E1202 of the Congressional Record dated December 24, 2020. One extension honors the Virginia Peninsula association for 100 years of service, and Marchant addresses the chamber for the final time after sixteen years representing Texas's 24th district. Another extension on the pandemic relief package states that small businesses will receive $284 billion through the PPP, with $20 billion reserved for businesses in low-income communities and $15 billion for live music venues, movie theaters, and museums. It also discusses stimulus payments of up to $600 per person, an extra $300 per week in unemployment benefits, and an emergency rental assistance fund.
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“Extensions of Remarks on Pandemic Relief Package — Congressional Record, December 24, 2020.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/crec-crec-2020-12-24-crec-2020-12-24-pt1-pge1202-2-0ab1354845/
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E1202 CONGRESSIONAL RECORD — Extensions of Remarks December 24, 2020
of the Virginia Peninsula Association of REAL- billion to the CDFI Fund for financial and tech- The Financial Services Committee also con-
TORS. I want to thank the VPAR for their 100 nical assistance grants to CDFis. vened several hearings examining the effects
years of dedicated service to the community, I also strongly advocated for the inclusion of of the coronavirus pandemic, including its ef-
and I wish them God’s blessings as they con- another round of stimulus payments, which fects on the U.S. rental market.
tinue their excellent work for the entire region can total up to $600 per person, $1,200 per The emergency rental assistance fund in
and the Commonwealth of Virginia. couple, and $600 per child, to support house- H.R. 133 provides non-taxable assistance for
f holds struggling during the pandemic, and a renter households. To the extent any clarifica-
restart of the Paycheck Protection Program tion of the non-taxable nature of this is nec-
SERVING THE 24TH DISTRICT OF (PPP) to ensure our small businesses are able essary, I expect the Department of the Treas-
TEXAS to remain open. In total, small businesses will ury, in consultation with the IRS, to provide
receive $284 billion through the PPP, with an guidance to ensure that recipients do not incur
HON. KENNY MARCHANT additional $20 billion reserved for businesses any additional tax liability. The program also
OF TEXAS operating in low-income communities and $15 covers housing stability services, which should
IN THE HOUSE OF REPRESENTATIVES billion for live music venues, movie theaters, be interpreted to include case management,
and museums. These businesses are the life- landlord mitigation, legal services, rehousing
Thursday, December 24, 2020 blood of our communities, and this support is services, services to connect eligible house-
Mr. MARCHANT. Madam Speaker, I rise long overdue. holds to other public supports, and referrals to
today to address this chamber for the final In addition to the new round of stimulus other services for behavioral, emotional, and
time. It has been the highest honor of my life payments, I have fought to extend help to the mental health.
to represent Texas’s 24th district in Congress unemployed. This pandemic relief package It is critical that Treasury’s implementation
over the past sixteen years. This district is a provides an extra $300 per week in federal of this emergency rental assistance fund is
snapshot of what makes our country great. It dollars to all those who qualify for unemploy- swift and does not create any artificial barriers
has people from all walks of life and all dif- ment insurance, including gig workers and in- to assistance. In particular, we have seen with
ferent backgrounds, working hard for their dividuals who have exhausted their state ben- other benefits provided by the CARES Act,
families and building a vibrant local commu- efits. that documentation requirements to prove a
nity. I recognize that more relief is needed and nexus to the pandemic have erected artificial
I have worked to bring that Texan work more work must be done to provide additional barriers that have cut people off from the ben-
ethic to Washington and accomplished a great relief, but this bill represents a necessary step efits Congress intended them to receive. It is
deal. We made our tax code simpler and fairer in the right direction. critical that any renters who are struggling to
for middle class families. I worked across the EMERGENCY RENTAL ASSISTANCE pay their rent during the pandemic are not
aisle to improve access to quality health care This bill will prevent evictions for millions of barred from accessing this assistance due to
and encouraged the building of affordable people who are behind on their rent and pro- cumbersome documentation requirements or
housing so that more people can call commu- vide much needed relief for ‘‘mom & pop’’ other barriers. Specifically, the component of
nities like ours ‘‘home.’’ landlords by creating a new $25 billion emer- the eligibility requirements regarding a direct
There are so many people I would like to gency rental assistance fund that will be im- or indirect nexus to the pandemic should be
thank for their support. My wife Donna, my plemented by the Department of the Treasury. interpreted to include any financial hardship in-
children Matthew, Luke, Kenny Junior, and The bill also provides a temporary extension curred or exacerbated during the pandemic.
Dallas, and my eight grandkids whom I am ex- of an eviction moratorium through the end of Further, an applicant’s simple written attesta-
cited to spend more time with. My great staff, January 2021. These are critical measures tion should be the only documentation re-
who have worked tirelessly on behalf of our that will stave off a massive wave of evictions quired to demonstrate a nexus to the pan-
district. And of course, the people of Texas’s that we were otherwise expecting to sweep demic.
24th District who entrusted me with this role. across our country after the end of this month And while Congress will extend the eviction
I end my time in Congress with pride and the when the CDC eviction moratorium is currently moratorium by one month, I expect that the
knowledge that America’s best days still lay set to expire, and help landlords maintain safe Biden Administration will extend it until the end
ahead. God bless you all and God bless our and healthy housing for residents. Not only of the pandemic to prevent millions of families
great country. are evictions devastating for households in from losing their homes. I look forward to a
f terms of the immediate and long-term con- swift and effective implementation of this
sequences that disproportionately harm young emergency rental assistance fund by the in-
UNITED STATES-MEXICO children, but evictions also have significant coming Biden administration, including coordi-
ECONOMIC PARTNERSHIP ACT negative consequences for the economy writ nation with Congress on any key decisions.
large. That is why helping our neighbors avoid PROMOTING AND ADVANCING COMMUNITIES OF COLOR
SPEECH OF
evictions is not just the right thing to do, but THROUGH INCLUSIVE LENDING
HON. MAXINE WATERS it is also in our national economic interest. This Congress, my Committee has
OF CALIFORNIA Preventing evictions is also critical to fur- prioritized the importance of diversity and in-
IN THE HOUSE OF REPRESENTATIVES thering the public health goals of ensuring that clusion, seeking ways to ensure the financial
people can remain at home and reduce the system is more inclusive and gives a fair
Thursday, December 21, 2020 spread of the virus. chance for all consumers to own a home or
Ms. WATERS. Mr. Speaker, after months of Securing emergency rental assistance has start a small business. I established a Sub-
stalemate and several long nights of tough ne- been my top priority since the coronavirus committee on Diversity and Inclusion, and all
gotiations, I am very pleased that we were fi- pandemic began early in 2020. Together with of our other subcommittees have prioritized
nally able to find a compromise on a $900 bil- Representative HECK, I introduced the Emer- these critical issues across a range of financial
lion pandemic relief package. America has gency Rental Assistance and Rental Market policy areas. A good example of this is our
been confronted with unprecedented chal- Stabilization Act of 2020 (H.R. 6820) that work on minority depository institutions (MDI)
lenges this year due to the pandemic, but with would have provided $100 billion to help fami- and community development financial institu-
vaccine distribution in motion, a new incoming lies and individuals pay their rent and utility tions (CDFI), which are financial institutions
administration, and a long overdue relief pack- bills and remain stably housed, while also that play a critical role as lenders in low- and
age on the way, I believe we can go into the helping rental property owners of all sizes con- moderate-income (LMI) and communities of
new year with hope for a better future. tinue to cover their costs, including the costs color. These institutions are on the front lines
As Chairwoman of the Financial Services necessary to ensure residents’ health and of meeting the financial needs of communities
Committee, I played a key role in negotiations safety. H.R. 6820 was included in the Heroes that are disproportionately underserved by tra-
that resulted in the inclusion of $25 billion in Act both times that bill was passed by the ditional financial institution and are primary
dlhill on DSK120RN23PROD with REMARKS
emergency rental assistance, an extension of House. When it became apparent that Senate lenders to LMI and communities of color, in-
the eviction moratorium, a $9 billion Emer- Majority Leader MCCONNELL would not take up cluding during the COVID–19 pandemic.
gency Capital Investment Program to provide the Heroes Act, even though the eviction crisis CDFIs and MDIs assist minority entrepreneurs
low-cost, long term capital investments to Mi- was growing increasingly urgent, I introduced that are overlooked by traditional financial in-
nority Depository Institutions (MDis) and Com- H.R. 7301, the Emergency Housing Protec- stitutions.
munity Development Financial Institutions tions and Relief Act of 2020, which included Since the establishment of the Freedman’s
(CDFis) that are depository institutions, and $3 H.R. 6820. This bill passed the House in June. Savings and Trust Company in 1864, MDIs—
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December 24, 2020 CONGRESSIONAL RECORD — Extensions of Remarks E1203
depository institutions where 51 percent or committee on Diversity and Inclusion con- funds. These funds will provide meaningful
more of the stock is owned by one or more vened a virtual hearing entitled, ‘‘Access De- support for CDFis in their continued service to
socially and economically disadvantaged indi- nied: Challenges for Women- and Minority- consumers, small businesses and nonprofits
viduals—have a long history in the United Owned Businesses Accessing Capital and Fi- that have been ravaged by the pandemic. At
States of lending to communities of color. nancial Services During the Pandemic,’’ allow- least $1.2 billion ( 40 percent) of this appro-
While regulators have a mandate to preserve ing the Committee to learn more about the priation is set aside for ‘‘minority lending insti-
and promote MDIs the number of MDI banks hardships facing minority-owned businesses tutions,’’ (MLIs) a new category of CDFIs that
(143 as of September 30, 2021) and MDI and women-owned businesses. predominantly serve minority communities and
credit unions (509 as of June 30, 2021) has Because of my efforts and those of my col- are either MDIs or meet other standards for
declined by approximately one-third over the leagues, 432 CDFIs and MDIs were able to accountability to minority populations as deter-
decade following the 2008 financial crisis, The provide more than $16.4 billion in PPP loans mined by the CDFI Fund. To demonstrate
Committee examined these developments dur- to over 221,000 small businesses. Unlike service to minority communities, MLIs will
ing several hearings this Congress. On Octo- other financial institutions, CDFIs and MDIs need to provide a majority of both the number
ber 22, 2019, the Subcommittee on Consumer reached the smallest of businesses as evi- and dollar volume of arm’s length, on-balance
Protection and Financial Institutions convened denced by a much smaller median PPP loan sheet financial products to minorities or major-
a hearing entitled, ‘‘An Examination of the De- size of about $74,000 compared to the overall ity-minority census tracts or equivalents.
cline of Minority Depository Institutions and the program median loan size of $101,000. In ad- Given the historic importance and nature of
Impact on Underserved Communities,’’ allow- dition to establishing relief funds and services these programs and funding, I encourage the
ing the Committee to hear the perspectives of for local businesses and individuals experi- CDFI Fund to use its administrative authorities
different kinds of MDis and their experiences. encing loss of income, CDFIs and MDIs have to create an Office of Minority Lending Institu-
On November 20, 2019, the Subcommittee on also provided mortgage forbearances, loan tions, led by a Deputy Director of Minority
Consumer Protection and Financial Institutions deferments, and modifications to help address Lending Institutions, to oversee the CDFI
convened a hearing entitled, ‘‘An Examination the needs of their borrowers. Fund’s work in providing grants and other
of Regulators’ Efforts to Preserve and Pro- Building on these experiences and the forms of financial and technical assistance to
mote Minority Depository Institutions,’’ allowing House Financial Services Committee’s exten- these newly designated MLIs. This office
the Committee to hold prudential regulators sive work on the importance of CDFIs and should also collaborate with Treasury Depart-
accountable on their efforts to support MDIs. MDIs, I along with many of my Committee ment officials administering the ECIP to en-
Additionally, there are 1,163 CDFIs with a Democratic colleagues introduced H.R. 7993, sure eligible MLIs have every opportunity to
similar mission of delivering affordable lending the Promoting and Advancing Communities of access those capital investments as well. The
options to the economically disadvantaged, Color Through Inclusive Lending Act in August Deputy Director should also conduct a study
especially those in LMI and minority commu- 2020 to make long overdue reforms and im- and report on the impact of CDFI programs in
nities. These banks, credit unions, and loan provements to support CDFis and MDis LMI and minority communities. The data
funds are certified by the CDFI Fund, which is through capital investments, grants, deposits, should be disaggregated by racial and ethnic
operated out of the Treasury and provides and partnerships. The bill is cosponsored by group and reveal results on lending in census
grants and other financial and technical assist- Reps. GREGORY MEEKS, JOYCE BEATTY, LACY tracks identified as minority communities. This
ance to support CDFIs. CLAY, EMANUEL CLEAVER, MADELINE DEAN, BILL new office should also hold certified CDFis ac-
When the COVID–19 pandemic further dis- FOSTER, CHUY GARCIA, SYLVIA GARCIA, countable for their outreach and communica-
advantaged these communities and minority- VICENTE GONZALEZ, JOSH GOTTHEIMER, AL tions in minority communities, which should re-
owned businesses, CDFIs and MDis main- GREEN, AL LAWSON, STEPHEN LYNCH, DEAN flect the linguistic and cultural sensitivities of
tained their focus on helping businesses in PHILLIPS, AYANNA PRESSLEY, DAVID SCOTT, those served. Additionally, this office should
their target areas minimize the economic im- RASHIDA TLAIB, and JUAN VARGAS. track and report the amount and number of
pacts: Early during the pandemic, I was trou- I am pleased several portions of my legisla- CDFI Fund grants awarded to MLIs.
bled to see many large banks ignoring the tion were included in this stimulus bill, includ- This legislation sets a new precedent where
smallest of businesses to instead provide con- ing $12 billion for the CDFI Fund at the Treas- Congress should regularly set aside 40 per-
cierge services to their larger clients during ury Department. The bill provides $9 billion to cent of the CDFI Fund’s annual appropriations
the first round of the Paycheck Protection Pro- fund and establish the Emergency Capital In- for awards and other assistance for minority
gram (PPP), a program that was intended to vestment Program (ECIP), which will provide lending institutions.
help truly small businesses that lacked re- low-cost, longterm capital to MDIs and deposi- I look forward to working closely with the
sources stay afloat during these challenging tory CDFIs. The program includes a $4 billion Treasury Department and the CDFI Fund as
times. I sent a letter to the Treasury and the set aside for midsize institutions (those under they implement these critical programs. I also
Small Business Administration (SBA), along $2 billion in assets), of which $2 billion will be look forward to working with my colleagues in
with Small Business Committee Chairwoman set aside for smaller institutions (those under Congress to ensure these landmark programs
NYDIA VELÁZQUEZ, Speaker PELOSI and Senate $500 million in assets). In administering the are just the first step in a series of long over-
Democratic Leaders, urging those agencies to ECIP, I fully expect Treasury to get these due reforms to promote inclusive lending.
immediately expand the PPP for greater par- funds out quickly. Treasury should use the au- FEDERAL RESERVE AND TREASURY EMERGENCY LENDING
ticipation by CDFIs and MDIs. CDFIs and thority it has to set reasonable conditions on PROGRAMS
MDIs were able to participate in PPP more those receiving capital investments, including The Federal Reserve’s powers under sec-
fully in the second round, when Congress, as a prohibition on recipients charging interest tion 13(3) of the Federal Reserve Act to estab-
a result of my advocacy, set aside $60 billion rates that exceed the Military Lending Act’s 36 lish emergency lending programs and facilities
for them and other community financial institu- percent annual percentage rate (APR). during ‘‘unusual and exigent circumstances’’
tions to deploy to America’s real small busi- Additionally, the ECIP has a conflict of inter- proved to be a valuable tool to address the
nesses, LMI and minority communities. SBA est prohibition to ensure that senior govern- economic and financial fallout from the
and Treasury subsequently eased restrictions ment officials—the President of the United COVID–19 pandemic. While the Federal Re-
on CDFI participation and set aside $10 billion States, Vice President of the United States, serve established several programs and facili-
for exclusive lending by CDFis and MDIs. Cabinet Secretaries, and Members of Con- ties on their own and with funds made avail-
As this transpired, the Committee held sev- gress—and their immediate family members able to the Treasury Secretary through the Ex-
eral additional hearings earlier this year exam- do not benefit from this program. This provi- change Stabilization Fund (ESF), Congress
ining these trends and identifying solutions. sion is identical to the government official con- subsequently provided an additional $500 bil-
Specifically, on June 3, 2020, the Sub- flict of interest prohibition included in Section lion to the ESF so that the Treasury could pro-
committee on Consumer Protection and Finan- 4019 of the CARES Act for other pandemic vide direct loans and support various Federal
cial Institutions convened a virtual hearing en- emergency lending programs, and it should Reserve 13(3) programs and facilities. These
dlhill on DSK120RN23PROD with REMARKS
titled, ‘‘Promoting Inclusive Lending During the not be construed to apply a prohibition beyond programs were designed to stabilize financial
Pandemic: Community Development Financial those senior government officials and their markets and to provide access to credit for
Institutions and Minority Depository Institu- family members. small businesses and non-profit organizations,
tions,’’ allowing the Committee to examine I am pleased that this bill also provides an as well as state and local governments.
how CDFis and MDis were responding to the unprecedented $3 billion for the CDFI Fund to Shortly after emergency lending programs
pandemic and considering a range of legisla- award grants and other financial and technical like the Main Street Lending Program and the
tive proposals. On July 9, 2020, the Sub- assistance to CDFIs, including CDFI loan Municipal Liquidity Facility were stood up, it
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E1204 CONGRESSIONAL RECORD — Extensions of Remarks December 24, 2020
became quickly evident there were a series of a compromise through this legislation that will thority to use funds made available through
shortcomings with their design that would limit provide meaningful stimulus to the U.S. econ- the ESF to backstop such Fed facilities. This
their effectiveness, leading me to write an ex- omy, while preserving the potent tools the Fed means that in unusual and exigent cir-
tensive letter to Fed Chair Jay Powell on April and Treasury have to engage in emergency cumstances, the Federal Reserve can still
16, 2020, outlining my concerns and rec- lending that they had prior to the enactment of work with the Treasury Department to estab-
ommendations. This included expanding the the CARES Act. Furthermore, this legislation lish new emergency lending programs and fa-
Main Street Lending Program (MSLP) to en- will enable the Treasury Department under cilities to help small businesses and non-profit
sure small businesses and non-profit organiza- new leadership to support the economy organizations, as well as state, territory, tribal,
tions that needed help could access them. through what remains a significant public and local governments.
This also included expanding the Municipal Li- health and economic crisis. The pandemic is still raging, and our econ-
quidity Facility (MLF) to make it more helpful It is worth noting that in the negotiations, omy is still very vulnerable. State and local
to the many state and local governments that Members considered several proposals that governments face enormous budget shortfalls
needed to help. I noted in that letter, and a would have severely restricted the Federal Re- next year, small businesses are struggling to
subsequent one I sent with the House Finan- serve’s emergency lending powers going for- stay open, and an increase in corporate down-
cial Services Committee’s Vice Chair, Rep. MI- ward that were rejected. One proposal was to grades and bankruptcies has been flagged as
CHAEL SAN NICOLAS (D–GU), that the Federal include language that stipulated, ‘‘Notwith- a major financial stability risk by regulators.
Reserve should ensure territories, like Guam, standing any other provision of law, after De- Recognizing these serious problems, the Fed-
should have access to the Municipal Liquidity cember 31, 2020, the Board of Governors of eral Reserve has indicated its preference to
Facility, as Congress intended. the Federal Reserve System and the Federal keep the ‘‘full suite of emergency facilities’’
Since then and throughout the pandemic, I Reserve banks shall not . . . establish under available to it in the coming year. When the
have had many discussions with Chair Powell section 13(3) of the Federal Reserve Act (12 aforementioned proposals constraining emer-
as well as Treasury Secretary Mnuchin dis- U.S.C. 343(3)) any program or facility that is gency lending powers were reportedly being
cussing my concerns with the Fed’s facilities similar to any program or facility established considered, former Fed Chair Ben Bernanke
and the administration of other emergency under section 13(3) of the Federal Reserve cautioned against them, stating ‘‘it is also vital
programs, like the Paycheck Protection Pro- Act (12 U.S.C. 343(3)) in which the Secretary that the Federal Reserve’s ability to respond
gram (PPP). I also held three CARES Act made a loan, loan guarantee, or other invest- promptly to damaging disruptions in credit
oversight hearings where both testified this ment using funds appropriated under section markets not be circumscribed.’’ Thankfully,
year before the House Financial Services 4027 (15 U.S.C. 9061 ).This proposal was re- that language was rejected, and this legisla-
Committee—on June 30, September 22, and jected because it would have overridden tion preserves the Fed and Treasury’s author-
December 2. I appreciate that along the way, emergency lending authorities the Federal Re- ity to step in and address a crisis through
some improvements were made. For example, serve had prior to the enactment of the emergency lending, just as we’ve seen them
with the MSLP, the Fed originally set the min- CARES Act to stand up programs and facili- extend support to states, cities, and small
imum loan threshold at $1 million, which was ties, with the support of funds made available businesses since the enactment of the
lowered to $500,000, and again to $250,000, to the Secretary of the Treasury through the CARES Act. I look forward to working with
and finally to $100,000, to ensure small busi- ESF, to provide support to small businesses, President-Elect Joe Biden, his incoming Ad-
nesses that needed smaller loans were not mid-sized businesses, and non-profit organiza- ministration and its new Treasury Secretary to
turned away. Access to the MLF was ex- tions, as well as state and local governments, ensure they work closely with the Fed and not
panded to a wider range of state and local as was done in a similar fashion with CARES be reluctant to fully utilize the tools and funds
governments, and the facility’s penalty rates Act facilities. Other proposals to use ‘‘substan- at its disposal to prevent job loss and stimu-
were slightly reduced, though terms remained tially similar’’ and other limiting phrases in- late economic recovery.
less favorable than those offered by the Fed’s stead of ‘‘similar’’ were considered, and they AIRPORT ASSISTANCE
corporate credit facilities. Additionally, eligibility were also rejected. Additionally, a proposal As the Member of Congress who represents
requirements for CDFI loan funds were eased stipulating that ‘‘the Secretary shall not ap- Los Angeles International Airport (LAX), I am
so that more could participate and offer PPP prove the establishment of any such program deeply concerned about the tremendous finan-
loans. While overall, these programs were or facility’’ as those created by the CARES Act cial needs that the COVID–19 pandemic has
very helpful in stabilizing the economic vola- was also contemplated, but it was rejected on imposed upon our nation’s air travel industry,
tility from the pandemic, I believe much more the basis that it would have placed undue con- especially the airports themselves. That is why
could and should have been done with these straints and limited these critical emergency I am pleased that this bill includes $2 billion to
authorities and emergency facilities to limit the lending authorities. assist our nation’s airports and airport conces-
unnecessary short-term and long-term eco- The final compromise agreed to by the sionaires.
Members that is contained in this legislation Airports are an important engine for eco-
nomic damage in many communities.
While the CARES Act made funds available was significantly narrowed compared to these nomic activity. They facilitate the movement of
previously mentioned and other proposals. To both merchandise and people around the na-
to the Treasury until 2026 to support the Fed’s
be specific, this legislation provides hundreds tion and the world, but they have been se-
emergency lending facilities throughout this
of billions of dollars in stimulus while rescind- verely affected by the pandemic. LAX was the
pandemic and recovery, I was disappointed
ing the unobligated amounts appropriated in fourth busiest airport in the world prior to the
that Secretary Mnuchin opted to unilaterally
pandemic, based on the number of pas-
close down these facilities at the end of 2020, the CARES Act for direct loans by the Treas-
sengers. In 2018, 78.5 million passengers
even though the Fed wanted them to remain ury and emergency lending by the Federal Re-
used LAX, including more than 26 million
open, and these agencies clearly had the au- serve. The bill sets December 31, 2020 as the
international passengers. According to a study
thority to keep them open. Non-partisan ex- date for termination of the Federal Reserve’s
in 2014, operations at LAX generated 620,000
perts, Members of Congress, Congressional authority to make new loans, asset purchases, jobs in Southern California with labor income
Oversight Commissioners, and the Special In- or modifications through the existing CARES of $37.3 billion and economic output of more
spector General of the Troubled Asset Relief Act facilities. As these CARES Act funds that than $126.6 billion. Furthermore, this eco-
Program have all strongly questioned the judg- were deposited in the ESF are rescinded, the nomic activity added $6.2 billion to local and
ment and legal interpretation Secretary bill clarifies that ESF funds may not be used state revenues. The unprecedented decline in
Mnuchin used to shut these facilities down. to establish Federal Reserve 13(3) facilities air travel at LAX in response to the pandemic
Minutes from the Federal Open Market Com- that are the ‘‘same as’’ (i.e. identical to) cur- has had a profound negative impact upon the
mittee’s November deliberations indicate that rent 13(3) facilities that received CARES Act economy of Southern California.
several Fed officials understand these facilities funding support (except the Term Asset- In addition to being an essential hub for do-
to be important in supporting the economy Backed Securities Loan Facility, or TALF), mestic and international travel, LAX is also the
next year, and state and local officials, munic- while permitting substantially similar Fed facili- home of numerous concessionaires that serve
dlhill on DSK120RN23PROD with REMARKS
ipal bond market participants, and Financial ties to be stood up with ESF funds in the fu- the needs of airport passengers as they jour-
Services Committee members from both par- ture. This legislation also clarifies that the Fed- ney to their destinations. These conces-
ties have urged continuation of the MLF eral Reserve fully retains the authority it had sionaires, many of which are small, disadvan-
through 2021. prior to the enactment of the CARES Act to taged, and minority- and women-owned busi-
While I continue to hold the view that ending establish programs and facilities under section nesses, depended upon the bustling economic
these facilities was premature and irrespon- 13(3) of the Federal Reserve Act, and that the activity that was commonplace at LAX prior to
sible, I am pleased that Congress has reached Secretary of the Treasury fully retains its au- the pandemic.
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December 24, 2020 CONGRESSIONAL RECORD — Extensions of Remarks E1205
While stopping the spread of the virus ne- PPP loans, reducing the paperwork required through what remains of this pandemic and
cessitates that Americans avoid all but the of a recipient while affirming the need to pre- the economic fallout it has caused.
most essential air travel, we must neverthe- vent fraud and other financial crimes that Mr. Speaker, I have been truly inspired by
less ensure that all of our nation’s airports, would prevent legitimate businesses from ac- the resolve and strength of the American pub-
large and small, are able to continue to oper- cessing the funds. Moreover, $15 billion of lic as the enormity of this pandemic has
ate in a safe manner, pay their workers, and these funds have been reserved to be issued grown. Medical workers, first responders, gro-
prepare for the day when Americans will once by community financial institutions, including cers, teachers, and countless others have
again be able to travel freely without fear of CDFIs and MDIs, and another $15 billion is re- worked every day to benefit our struggling
COVID–19. served for community banks and credit unions communities during this crisis. With this legis-
PAYCHECK PROTECTION PROGRAM (PPP) AND OTHER AID with less than $10 billion in total assets. lation before us today, Congress is finally
FOR SMALL BUSINESSES In addition to these PPP loans, this legisla- doing its part to stand up for people and fami-
The Paycheck Protection Program was a tion includes $20 billion for targeted Economic lies across the country. Colleagues, please
lifeline for so many small businesses through Injury Disaster Loan (EIDL) Grants which have join me and vote yes for H.R. 133.
the beginning of the pandemic. It provided proven to be helpful to many smaller busi-
largely forgivable loans to businesses that nesses. While I believe this legislation will be f
used the funds to keep their employees on helpful for many small businesses, Congress
payroll and to keep the lights on at work. I should be prepared to quickly pass additional GRATITUDE FOR CAPITOL HILL
have worked hard alongside House Small legislation and provide additional relief to help STAFFERS
Business Committee Chairwoman NYDIA small businesses. Furthermore, the Federal
VELÁZQUEZ from the beginning of the pan- Reserve along with the Treasury Department HON. KWANZA HALL
demic to ensure community financial institu- should be prepared to exercise the emergency
OF GEORGIA
tions, like MDIs and CDFIs, could provide PPP lending powers they have to augment these
loans, and to ensure that small businesses, efforts and do what they can to help small IN THE HOUSE OF REPRESENTATIVES
particularly minority-owned businesses that businesses struggling through this pandemic Thursday, December 24, 2020
have been disproportionally impacted by this through no fault of their own.
pandemic, get the support they need. In the STIMULUS CHECKS
Mr. HALL. I rise today to express a bit of
first round of PPP, more than $525 billion of When the scope of the recession caused by gratitude. I have been a member of this cham-
forgivable loans helped over 5.2 million busi- Covid–19 became clear in March, I introduced ber for a while now and while there are sev-
nesses, with more than 81 percent of those legislation that would have provided our econ- eral committees and members of this body
loans being for less than $100,000, and more omy with ‘‘automatic stabilizers’’ in the form of that keep its functioning ongoing, I would also
than 68 percent of those loans being for less monthly stimulus payments to a broad set of like to recognize another indispensable group.
than $50,000, this program. eligible households. In any recession, direct I want to thank the cafeteria workers, jani-
Building on those efforts, I am pleased that payments can help mitigate the drain on de- tors, members of the Capitol Police, Sergeant
today’s bill reauthorizes and provides over mand caused by people losing their jobs and at Arms, Clerk’s Office, Attending Physician,
$284 billion to this program. Specifically, the income, and within the context of a recession Congressional, House and other support staff
legislation provides for first draw and second deepened by stay-at-home measures, direct throughout the Longworth, Rayburn and Can-
draw forgivable PPP loans, expanded eligibility payments are an essential part of the govern- non House office buildings.
for nonprofits and local newspapers, TV and ment’s response. Research on the impact of They have been so welcoming and helpful
radio broadcasters, and key modifications to the CARES Act estimates that the one-time during my time in this critical moment in our
PPP to serve the smallest businesses and economic impact payment that CARES pro- country during the COVID–19 pandemic.
struggling non-profits. I am also pleased the vided reduced poverty for 8.2 million individ- Their service has been laudable. Their sac-
legislation will help independent restaurants, uals. Importantly, the same research shows rifice has been commendable. And, when I
and includes $15 billion in dedicated funding that the poverty-reducing effect of the CARES leave here, I will remember their smiles and
for live venues, independent movie theaters, Act is about to run out for that same set of in- their generosity in spirit as they help the Rep-
and cultural institutions. dividuals, and with unemployment claims back resentatives serve those who sent us here.
Additionally, the bill expands the expenses on the rise, emergency relief through direct I know that I will never miss an opportunity
to which PPP funds can be applied to include stimulus had to be a part of this end-of-year to tell all in Georgia’s Fifth Congressional Dis-
life- and enterprise-saving protective equip- package. I will continue to push for more relief trict of all the wonderful people who make this
ment for staff and businesses. And the bill next year, and I know that much more direct Capitol Complex function for the people of our
speeds up forgiveness for the smallest of the stimulus will be needed to get households Nation,
dlhill on DSK120RN23PROD with REMARKS
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