Updated HEROES Act Deserves Immediate Consideration by U.S. Senate
WASHINGTON, D.C. – This evening, the U.S. House of Representatives passed a new comprehensive COVID-19 aid package – an updated version of the HEROES Act. If the bill is also passed by the Senate and signed into law, it would allocate $2.2 trillion and improve the Paycheck Protection Program to better serve the smallest businesses, including businesses owned by Black and Brown people that were shut out of the assistance program due to the prioritization of wealthier and larger enterprises. It would also extend and expand the payment and interest suspension for federal student loan borrowers and provide critical support to assist renters and homeowners and prevent mass evictions and foreclosures, among other provisions. A previous version of the HEROES Act was passed in the House of Representatives in May but stalled in the Senate.
Center for Responsible Lending (CRL) Federal Advocacy Director and Senior Counsel Ashley Harrington issued the following statement:
The COVID-19 health and economic crisis is taking a heartbreaking toll in lives and livelihoods. This crisis is disproportionately hurting Black and Brown families and low-income individuals. In passing the updated HEROES Act, the U.S. House of Representatives is offering a comprehensive federal response that is desperately needed to prevent immense devastation.
If enacted, the updated HEROES Act would keep people in their homes, support struggling student borrowers, keep small businesses operating, and put money in the pockets of people who are hurting. Instead of focusing exclusively on judicial confirmations, the Senate Majority should take up this legislation without delay. Millions of struggling Americans are desperate for relief.
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Press Contact: Vincenza Previte vincenza.previte@responsiblelending.org