"With 22 million Americans filing for unemployment and up to 35 million expected to become uninsured, we are the only wealthy nation on Earth where our people are losing jobs and health care at precisely the moment that they need them the most," said
"The health and economic crisis brought on by COVID-19 is unprecedented in American history. More than 22 million people have already filed unemployment claims, and projections suggest that the unemployment rate could top that of the Great Depression by this summer if
"While we're taking drastic steps to ensure the health and safety of the American people, we must also keep our hard-hit small businesses and their employees financially secure,"
"Instead of allowing businesses to go into free fall and trying to pick up the pieces later, we're proposing a guardrail at the edge of the precipice. Our plan gives workers the steady comfort of a consistent paycheck from an employer they can go back to when the crisis abates. And we're offering business the ability to hold onto those workers, so they can start up again as easily as possible. If we fail to take aggressive relief measures now, we'll kneecap our future recovery," said
Under the terms of the Senators' paycheck security proposal:
* All employers who have suffered a month-over-month drop in revenues of at least 20 percent will be eligible to receive grants covering a portion of payroll and benefits for at least the next six months.
* Grants will cover salaries and wages up to
* Employers and non-profits of all sizes will be eligible if they can verify revenue losses and don't otherwise have more than 18 months of their payroll available in cash.
* Businesses that have received a Paycheck Protection Program loan or an Economic Injury Disaster Loan, or have otherwise accessed the
The Senators released an extensive white paper detailing eligibility, verification, and other contours of their proposal.
"I am delighted that
"We are headed toward catastrophic levels of unemployment--20% or higher--and we must act to ensure that millions more workers are paid for as long as this crisis endures by making support for employers who keep workers on payroll simpler, faster and more universal. The Paycheck Security Act does just that," said
"The Paycheck Security Act is a bold program of grants, not loans, appropriately scaled to meet the massive challenge facing workers and firms. Equally important, it's designed to be quickly and efficiently executed," said
"The Paycheck Security proposal is the right solution at the right time. It supports workers, keeps businesses afloat, and plays an oversized told in saving the American economy," said
"The most important thing we can do for workers and our economy is keep as many people as possible connected to their jobs, paychecks and healthcare. The best way to do that is to make it easy for employers to keep payroll running--regardless of whether workers are coming in--and at the same time to rein in the worst corporate behavior. That's what we did for aviation workers in the CARES Act, and it's what the Paycheck Security Act would accomplish for tens of millions more workers," said
"The Paycheck Security Act addresses the issue we face head on: government keeps businesses alive and workers paid and safe while our economy is in hibernation. It will save tens of millions of jobs and millions of businesses from destruction. Our people and economy will be able spring back to work as soon as it is safe to do so," said
"To prevent another Great Depression, the government must protect workers and businesses while the coronavirus crisis rages. The Paycheck Security Act provides bold and much-needed support to our communities, allowing workers to remain on payroll and covered by their health insurance. It will save millions of jobs and put
"Workers and their families are paying the price for going into the current crisis with a weak social insurance system and public safety net. Given this pre-existing weakness, transformative responses to this economic crisis have to be put together on the fly, and the Paycheck Security Act is a bold solution to provide needed relief during the lockdown period of the crisis and would put us in much better position to mount a rapid recovery once the public health all-clear was sounded," said
"We're thrilled the Senators are seeking long-term grant assistance for businesses harmed by COVID-19 in his proposal for the Paycheck Security Program," said
Read the Paycheck Security Act proposal here (https://www.sanders.senate.gov/newsroom/press-releases/Sanders,%20Warner,%20Jones%20and%20Blumenthal%20Unveil%20Sweeping%20Policy%20to%20Guarantee%20Workers%E2%80%99%20Paychecks).