U.S. Rep. Albio Sires (D-8) says he’ll support families and neighborhood businesses, as opposed to “massive corporations,” when considering who will need financial assistance in light of the ongoing COVID-19 pandemic.
â€œAs we work on future stimulus and emergency funding packages, I need to make one thing clear: I will not support legislation that bails out massive corporations and does not support the needs of workers,” Sires said in a statement.
“We have to focus on the needs of families and those who have lost their jobs due to the outbreak, not corporations who used past profits to buy back stocks and give bonuses to executives. We cannot allow future stimulus packages to mirror the 2017 tax cuts which disproportionately gave benefits to the wealthy and corporations.”
Sires remarks come as speculation runs rampant about how small businesses, especially hospitality businesses, will be able to survive the financial woes caused by coronavirus-related closures.
Last night, U.S. Senator Bob Menendez (D-NJ) co-sponsored a bill that would enable small businesses negatively impacted by the coronavirus to apply for an interest-free loan of up to $2 million.
Additionally, federal legislators have all joined Gov. Phil Murphy’s call to President Donald Trump (R) seeking assistance from the National Guard and U.S. Army Corps of Engineers as hospital beds and medical supplies already appear to be in high demand throughout the state.