Legislative Response to COVID-19

Overview of Senate COVID-19 Phase III Spending Package

Legislative Response to COVID-19

The U.S. Senate voted overnight to pass the CARES Act (COVID-19 Phase III bill) by a vote of 96-0. The bill now heads to the House where Speaker Pelosi and Majority Leader Hoyer have vowed to give their members 24 hours to review the legislation. A vote could happen as early as Friday morning. Highlights include:

• $377 in loans and loan forgiveness for small travel businesses;
• $454 billion in federally backed financial assistance for impacted businesses;
  • When you add these two together, it’s nearly $1 trillion in direct business relief;
• Tax relief for small businesses to navigate these choppy waters;
• Unprecedented unemployment insurance relief;
• And yes, some folks will be receiving $1,200 checks from the federal government in as soon as three weeks.
   

Senate Bill Highlights COVID-19
 

Q&A on Legislative Response to COVID-19

Our state and federal governments are introducing legislation in response to COVID-19. To help you understand the changes being enacted by our legislators, our director of government affairs, Jimmy Gray, breaks them down for you in this update. Topics include:

• Approval of Governor McMaster’s emergency request for $45 million to the SC Department of Health and Environmental Control (DHEC).
• Extension of state tax returns and payment due date.
• Gov. McMaster’s request for permission for businesses in South Carolina to apply for small business loans.
• Information about H.R. 6201, the Families First Coronavirus Response Act.
   

Read the Complete Document

• Families First Coronavirus Response Act (H.R.6201) – The bill includes the following points that as a business leader you should know: Unemployment Compensation, Paid Leave, Employer Tax Credits, Self-Employed/Contractor Tax Credits.