Dr. Rand Paul Announces His COVID-19 Recovery Act

Statement

Today, U.S. Senator and physician Rand Paul (R-KY) announced he will soon introduce his COVID-19 Recovery Act, a plan that confronts the novel coronavirus pandemic's effects by providing relief to American families and businesses without adding to the skyrocketing debt that also threatens our country.

"The national emergency we face may be new, but the answers out of Washington have so far been the same: more spending, more debt, and more mandates on the American people. Instead, we can ease concerns by putting the responsibility on government, not our families. My plan gets counter-productive regulations out of the way so we can recover faster, trusts Americans by enabling them to keep more of their own money, and provides incentives to give the relief of extra time to those paying off debt," said Dr. Paul.

As an alternative to the plans Congress is ramming through over the concerns of small business owners and other Americans, Dr. Paul's proposal implements President Trump's call for a payroll tax cut, creating a 60-day payroll tax holiday for both workers and businesses.

To prevent government from further burdening businesses already struggling with the virus' impact, the Paul plan replaces recently passed mandates with reforms from an amendment introduced earlier this week by Senator Ron Johnson (R-WI) that echoed Dr. Paul's calls for change in the system and received bipartisan support. Among its provisions, the language expands unemployment insurance for those who have lost their jobs due to the pandemic and removes the waiting period to receive the insurance. In addition, Dr. Paul has added language widening eligibility to include self-employed Americans.

The COVID-19 Recovery Act also extends the deadline for filing income taxes by 90 days for workers and by one quarter for businesses, while waiving all fees and penalties, and it provides lenders with a tax credit incentive so Americans will have more time and flexibility on their loan payments to help them meet pressing needs.

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