WASHINGTON, D.C. – Today, Senator Thom Tillis (R-NC) supported passage of the Phase III emergency relief package that will provide direct checks to hardworking North Carolinians and assistance to small businesses affected by the coronavirus pandemic, including direct checks to many North Carolinians beginning as soon as next month. 

Below are videos of Senator Tillis discussing the legislation. 

Tillis on the Phase III Bill:

“The bill I supported will provide every individual in North Carolina who reported taxes in 2018, 2019, or revenue through social security, will be eligible for a one time check in the amount of $1,200 per adult, $500 per child, subject to certain limits at the upper scale of the income. So after $75,000 up to $100,000, the payment will be reduced, but you will get some economic support. The whole idea of this one-time payment is to help people bridge the gap while we fight the virus.”

Tillis on next steps:

“I think the first thing we have to do is look at what’s happened with each of the three phases that we have passed. The $8 billion that went to health care facilities and federal, state, and local governments, the bill we passed to provide some certainty for paid family leave, and some certainty for individuals, and now this bill which, actually pushes nearly $2 trillion dollars into the American economy. We need to take a look at how this is working, and also keep track at how well we are fighting the virus, and then be prepared to do as many other phases as we need to, hopefully, none, but we have to be prepared to respond as we learn more about the virus and the economy’s reaction to this latest bill.”

Tillis on small business assistance:

“For small businesses, we are going to be able to provide loans that are completely forgivable if you use that loan to pay your employees. So every dollar that you pay someone’s salary, you can actually claim and you would be forgiven and not have to pay that part of the loan back. If you use a portion of the loan for other operations or other things you may be doing for the business, then it would be a low-interest loan that would have a payback period that would be negotiated between you and your lender.”

Tillis on what Americans can do to help:

“I think we all have to maintain a sense of calm, we all are responsible for trying to reduce the spread of the virus. The best way you can do that is to stay at home if you can. Do not find yourself in unfamiliar settings, don’t even go visit family members. Give them a call. Talk to them and encourage them to practice safe behaviors so that we can reduce this spread. The sooner we flatten the curve, the sooner health care facilities will be available for those who are going to have complications. The vast majority of us will not. The vast majority of us will heal just by staying at home and tending this virus the way you do the common cold or flu. Some will have serious conditions and we have to do everything we can to make sure that the health care facilities in North Carolina are prepared to tend to those patients.”

Specific provisions included in the legislation include:

• Households
• Provides recovery checks to most taxpayers, providing cash immediately to individuals and families. Individuals are eligible for checks up to $1,200 and married couples filing jointly are eligible for checks up to $2,400, with an extra $500 for each child. Even people with no income and or only Social Security income are eligible. So that relief is focused on those who need it most, eligibility for recovery checks is reduced starting at $75,000 in income for individuals and $150,000 in income for joint filers. Individuals with income exceeding $99,000 and joint filers with income exceeding $198,000 are ineligible. Eligibility is based on 2019 tax returns, or 2018 returns if the 2019 return has not yet been filed.
• Provides recovery checks to most taxpayers, providing cash immediately to individuals and families. Individuals are eligible for checks up to $1,200 and married couples filing jointly are eligible for checks up to $2,400, with an extra $500 for each child. Even people with no income and or only Social Security income are eligible. So that relief is focused on those who need it most, eligibility for recovery checks is reduced starting at $75,000 in income for individuals and $150,000 in income for joint filers. Individuals with income exceeding $99,000 and joint filers with income exceeding $198,000 are ineligible. Eligibility is based on 2019 tax returns, or 2018 returns if the 2019 return has not yet been filed.
• Permits students to defer their student loan payments for 6 months and keep their Pell grants.
• Small Businesses:
  • Provides nearly $350 billion in federally guaranteed loans via the Paycheck Protection Program to provide eight weeks of cash-flow assistance to small businesses who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven.
  • Provides $17 billion in small business debt relief by requiring the Small Business Administration to pay all principal, interest, and fees on all existing SBA loan products for six months to provide relief to small businesses negatively affected by the coronavirus.
  • Provides $10 billion for expanded eligibility for SBA Economic Injury Disaster Loans, including emergency grants, an advance of $10,000 within three days to maintain payroll, provide paid sick leave, and to service other debt obligations.
• Healthcare Response:
• Provides a $340 billion surge in emergency funding to combat the coronavirus outbreak. More than 80% of the funding package goes to state and local governments and communities. Includes:  
• $100 billion for hospitals and health care providers to ensure they receive the support they need for coronavirus-related expenses and lost revenue.
• $16 billion to procure personal protective equipment (PPEs), ventilators, and other medical supplies for federal and state response efforts via the Strategic National Stockpile.
• $11 billion for vaccines, therapeutics, diagnostics, and other preparedness needs, with at least $3.5 billion of that to advance construction, manufacturing, and purchase of vaccines and therapeutic delivery to the American people. This is in addition to the billions already provided for these activities in the first supplemental.
• $4.3 billion for the Centers for Disease Control.
• $45 billion for the FEMA disaster relief fund.
• Over $19 billion for the Department of Veterans Affairs to support increased demand for health care services at VA facilities and through telehealth, including the purchase of medical equipment and supplies, testing kits, and personal protective equipment. Also enables VA to provide additional support for vulnerable veterans.
• Corporate Lending Facility:
  • Provides a $500 billion fund ($425 billion for loans to the Fed and $75 billion for industry loans) and will include oversight from an inspector general and a congressionally appointed 5-person panel. Companies that receive government aid must agree to halt stock buybacks for the entire time they receive the aid, plus one year. Restrictions on employment cuts.

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