On Sunday night and again this afternoon, Senate Democrats blocked a procedural motion to continue to the bill that would carry the Senate's Phase Three CARES Act legislation. Attached is a current summary of the emergency relief bill and a letter that ABC sent Senators in support of the CARES Act. The bill would provide approximately $350 billion in small business interruption loans and contains tax provisions to delay payments and assist businesses through this crisis.
U.S. Treasury Secretary Steve Mnuchin, who negotiated the Phase Two deal with Speaker Pelosi last week, continues to work with Senate Minority Leader Chuck Schumer on a deal and Senate Majority Leader has committed to remaining in session until a deal is passed. Speaker Pelosi has also proposed her own, 1000+ page bill to address the crisis, though many see it is an unserious proposal and are hoping to modify the Senate legislation for passage.
Many Democrats have publicly stated support for including provisions in the bill that would limit executive compensation, prevent stock buybacks, ensure employee retention, beef up transparency measures, and check the wide discretion of Treasury Secretary in the legislation. Expanding leave and sick time benefits have also been a common refrain from Democrats as negotiations continue.
ACTION NEEDED – CALL YOUR U.S. SENATORS