Time Is Running Out to Give Americans the Income Support They Need to Get Through the COVID-19 Crisis
As Congress begins their final stretch of work before the election, we know additional COVID-19 relief will continue to be an important debate. With the Senate relief bill not being passed late last week and prospects being dim for any other relief bills to be agreed upon, it is imperative that Congress and the Administration continue to support consumers and the economy and continue funding the government before the end of the month.
Congress and the Administration showed they can reach agreement when they passed the CARES Act in March, the first major bill to provide a number of relief measures to deal with the crisis. It included moratoria on evictions and foreclosures, help for businesses and enhanced unemployment benefits. A provision protecting credit reports was also included, further helping consumers achieve some financial stability and ease during these unprecedented times.
As the CFPB and many others have found, the CARES Act has been working. Credit reports show that many Americans have reduced their debt since through fewer opportunities to spend and the income support from the government. Public reports have shown that there have not been massive new numbers of late payments, missed payments or other negative hits to credit reports.
But the support should not stop there. The economic dislocation of this crisis is continuing, and the potential loss of income support could result in problems going forward. While lenders continue offering significant accommodations, income support that has been so vital to many Americans would continue to make a major difference in keeping them afloat financially. The millions of hardworking Americans who are not able to work because of this crisis still need our help and we cannot let them down.
As both chambers of Congress are reconvening this week, we urge them to work vigilantly toward a solution for additional income support for the millions of people who want to work but can’t because of this public health emergency. We cannot leave hardworking Americans without assistance—we owe it to them to support them the best we can during this difficult time.