Today, AmCham Members were invited to join a video conference with U.S. Ambassador Pete Hoekstra. From his Residence in The Hague, Ambassador Hoekstra elaborated on the American response to COVID-19 and what it means for the transatlantic relationship. Ambassador Hoekstra also took questions and was able to address a couple of key concerns of the Members.
During his remarks, Ambassador Hoekstra touched upon the support measures for business and individuals, the collaboration between the U.S. and Europe in combating this pandemic, and what we may expect during the coming weeks.
Ambassador Hoekstra also gave an update on the U.S. Stimulus Bill that was passed by the Senate and is currently being debated by the House of Representatives (and may therefore be subject to change). As of March 27, the $2.1 trillion stimulus deal is supposed to include:
- $301 billion in direct payments to households including:
- $1,200 direct payment to American adults earning less than $75,000 or $2,400 to married couples earning less than $150,000
- $500 disbursed for most children
- Reduced payments for individuals earning up to $99,000 or couples that make up to $198,000 - $250 billion to expand unemployment insurance
- $349 billion employee retention fund for small businesses
- $500 billion lending program for companies, cities, and states including:
- $29 billion to support passenger cargo airlines
- $17 billion to support companies important to national security
- $454 billion –used by the Treasury to enable emergency actions taken by the Federal Reserve, in effect giving the Federal Reserve up to $4.5 trillion dollars to keep supplying credit and loan money directly large and medium-sized businesses - $150 billion will be used for state and local stimulus funds
- $221 billion in a variety of tax benefits for businesses
- $32 billion to cover passenger and cargo air carriers and contractor wages
- $340 in supplemental spending including:
- $117 billion to support American hospitals and veterans’ care
- $25 billion mostly for public transport to make up for revenue loss
AmCham cordially thanks U.S. Ambassador Hoekstra for his willingness to share his insights. The continuous support of Ambassador Hoekstra and his staff are of great value to our Members and the U.S.-NL business community at large, especially in these challenging times.
