House candidate Robert Patterson called for a three-month holiday for mortgage, car and personal loan payments in response to the COVID-19 crisis.
“Hardworking Americans are hurting badly, and it’s incumbent upon Congress to act – and act quickly,” Patterson said. “As the economy grinds to a halt, Americans need relief to weather the storm.”
Under Patterson’s proposal, payments would for those loans and credit card debt would be halted, without interest and fees, for the duration of the virus’s disruptions.
It could be extended past the initial three-month period if the crisis persisted, with the holiday period being added onto the end of the loan.
“As I talk to families, farmers, and small business owners across South Jersey, they are feeling the pain of this crisis acutely,” Patterson said. “Since banks are now benefiting from the Fed’s near-zero percent interest rate, the banks should pass on those benefits to hardworking Americans.”
Patterson, a former aide to Donald Trump, is running for the Republican nod against Rep. Jeff Van Drew (R-Dennis), who Trump has endorsed.