Virginia Governor Ralph Northam’s administration has recommended to the General Assembly that the state not conform its tax code to specific provisions included in the recently-signed federal emergency relief bill that gives businesses who received Paycheck Protection Program (PPP) loans a significant tax benefit.
Under the provisions of the Consolidated Appropriations Act (CAA), signed into law by President Donald Trump in late December, businesses in the Commonwealth that got forgivable PPP loans would not be taxed on that income and could deduct their business expenses covered by the federal payment.
U.S. Senator Kelly Loeffler on Friday highlighted the stark contrasts between her record in the successful PPP program and other COVID-19 assistance in the Senate versus her opponent Rev. Raphael Warnock’s PPP record.
President Trump issued an executive order on Monday allowing states to use COVID-19 funds to be provided as emergency learning scholarships for students who don’t have access to in-person learning. The funds are directed at families, not schools, and can also be used by homeschooling students. Gubernatorial candidate Delegate Kirk Cox’s staff (R-Colonial Heights) said the program is similar to one that he introduced in the General Assembly.
The Michigan House on Monday approved a $465 million supplemental budget bill to provide relief to Michiganders in the COVID-19 pandemic.
Senate Bill 748 aims to provide $64 million in small business survival relief; $220 million to extend unemployment benefits through April 1, 2021; $75 million for hospitals and health care workers; $22 million for increased testing; and $57 million for vaccine distribution.
Richmond Mayor Levar Stoney is expanding a guaranteed income program, thanks to new funds from Twitter CEO Jack Dorsey. In October, days before Stoney was re-elected, he announced the Richmond Resiliance Initiative (RRI) would provide $500 per month for two years to 18 needy families, according to a press release. On Tuesday, Stoney announced that the city would receive a $500,000 grant that would allow them to expand the program to 55 families, thanks to a $15 million donation from Dorsey to association Mayors for a Guaranteed Income.
A consulting firm co-owned by Rep. Ilhan Omar’s husband received more than $600,000 in COVID-19 relief funds while taking millions from Omar’s campaign.
Records show that E Street Group received $134,800 from the Paycheck Protection Program and $500,000 in Economic Injury Disaster Loans.
Omar’s campaign has paid the firm $2.78 million since July 2019, according to Federal Election Commission records. Between July 23 and Sept. 30, E Street Group received $1.1 million from Omar’s campaign for expenses related to advertising, digital consulting, video production and editing, travel and more.
Congress passed the CARES Act last March, sending many taxpayers $1,200, giving $100 billion to health providers, and boosting unemployment benefits by $600 a week, according to Govtrack. The $2 trillion stimulus bill also sent $150 billion to states and localities across the country. Virginia received about $3.1 billion dollars, with a separate $200 million sent directly to Fairfax County.
Governor Ralph Northam signed Virginia’s new biennial budget, according to a Wednesday press release. The budget is the product of a recent months-long Special Session held by the General Assembly and features key provisions for homeowners, children, and businesses.
“This budget gives us the tools we need to contend with the challenges brought on by the ongoing pandemic,” Northam said in a press release.
The Small Business Association of Michigan and the Michigan Department of Labor and Economic Opportunity (LEO) are giving out $3 million in weatherization grants to help some small businesses expand outdoor capacity during winter.
Eligible businesses may apply to receive between $1,000 and $10,000 in funding for weatherized, temporary outdoor facilities, while eligible municipalities and local organizations may apply to receive up to $15,000.
Because of progress made lowering Tennessee’s unemployment rate, 3,000 Tennesseans receiving unemployment payments through the federal Extended Benefits program no longer will receive those funds beginning Nov. 7.
The U.S. Department of Labor administers the Extended Benefits program based on each state’s unemployment metrics. Tennessee crossed the threshold of economic recovery earlier this month, triggering the end of the program, the Tennessee Department of Labor & Workforce Development (TDLWD) announced Friday.
Virginia plans on spending nearly $121 million on CARES funding for COVID-19 vaccine equipment and advertisement. This according to a proposal draft, reportedly submitted to the Centers for Disease Control and Prevention (CDC) last week.
Nearly $6 million will be spent on equipment: over $111 million on administration and staffing and $3 million in a “public education campaign.”
Governor Ralph Northam is sending an additional $220 million of Coronavirus Aid, Recovery, and Economic Security (CARES) Act funds to Virginia’s schools, according to a Thursday press release. The money is intended to help purchase testing supplies, personal protective equipment, sanitation, and virtual learning technology.
At the height of the COVID-19 pandemic, when a lot less was known about the virus and how to counter it, and while the nation was still ramping up production of testing and hospital resources including ventilators needed, 25 million jobs were lost across the country, according to Bureau of Labor Statistics data.
Since labor markets bottomed in April, 13.8 million jobs have been recovered, as states have begun steadily reopening in the months since.
The eligibility for the REBUILD! VA Grant Fund for businesses, nonprofits impacted by COVID-19 has been expanded to a wider scope of small businesses, according to a news release.
The expansion of grant program, administered by the Department of Small Business and Supplier Diversity (SBSD), now includes small hotels, bed and breakfast facilities and Virginia film companies as well as companies that provide goods or services to eligible businesses.
An Ohio think tank has entered the fray in a federal lawsuit over a rule the U.S. Department of Education issued for Coronavirus Aid, Relief, and Economic Security (CARES) Act funding.
The $2.2 trillion CARES Act includes an Education Stabilization Fund to help schools cover costs to safely reopen amid the COVID-19 pandemic. The law directed the education department to distribute these funds “equitably” between public and private schools and students.
U.S. Rep. Dr. Mark Green wants the governing board of the Federal Reserve to resume meeting in public to comply with the Sunshine Act.
The CARES Act has allowed the board of governors to meet in secret for the most part, Green said. So, he and U.S. Rep. Tulsi Gabbard (D-HI-02) this week introduced the Federal Reserve Sunshine Act, HR 8007, to make the board transparent once again.
Some unemployed workers received nearly twice as much money through unemployment insurance (UI) payments authorized through the CARES Act than they earned when they were employed, a new study from the Foundation for Government Accountability (FGA) found.
In response to states shutting down economies over coronavirus fears, Congress passed several relief bills, including the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act. These two bills expanded the UI benefit period, suspended work search requirements, included newly eligible individuals, and added a $600-per-week unemployment benefit enhancement through July 31.
As deliberations continue in Congress over how to allocate another $1 trillion worth of stimulus money, governors and mayors say they need more than the $139 billion already allocated to their states in March to cover revenue shortfalls.
A total of $150 billion was allocated to help state, local and tribal governments with specific COVID-19 response programs.
The additional $600 weekly federal unemployment benefits expire Friday after Speaker of the House Nancy Pelosi and Senate Minority Leader Chuck Schumer rejected a White House offer to temporarily extend them.
Senate Majority Leader Mitch McConnell said Thursday that, “Senate Republicans tried several ways to extend the expiring unemployment assistance. Democrats blocked them all and refused another dime for COVID-19 relief unless they get to pass a bill that includes an unrelated tax cut for rich people in blue states.”
Senate Republicans’ latest COVID-19 stimulus package proposes another round of direct payments to Americans and more enhanced federal unemployment benefits for workers who lose their jobs during coronavirus restrictions.
The $1 trillion package, called the Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act was released Monday.
Senate Democrats are planning to insert a provision in the coronavirus relief bill that would place restrictions on the Trump administration’s ability to send federal agents to help quell protests in cities across the country.
The provision would require federal agents to identify themselves, use marked vehicles and stay on federal property rather than patrol city streets, Senate Minority Leader Chuck Schumer said Monday, according to NBC News. Local officials including mayors and governors would need to approve the use of federal agents patrolling streets.
The federal unemployment insurance emergency payments of an additional $600 per week to those laid off because of COVID-19 restrictions discourages work and slows down economic recovery, several reports indicate. Several congressmen have introduced proposals to address the issue.
A report published by the Foundation for Government Ability (FGA) found that by nearly tripling average unemployment benefits through the CARES Act, “Congress has created a situation where unemployment now pays better than work” for roughly 68 percent of U.S. workers.
The Minnesota Legislature’s recent special session ended with no major accomplishments, but the eight-day session will still cost taxpayers an estimated $108,000.
The special session concluded on June 20 after Republicans in the Senate and Democrats in the House failed to reach an agreement on police reform legislation, the allocation of federal coronavirus relief funds, and other leftover business from the regular session, such as a borrowing package for public infrastructure projects.
Gov. Tim Walz approved plans Thursday to distribute $841 million in federal coronavirus aid to cities and counties across Minnesota, along with another $12 million for food banks and food shelves that have seen a surge in demand since the pandemic hit the state.
U.S. Representatives Ted Budd (R-NC-13) and Ken Buck (R-CO-04) introduced the Getting Americans Back to Work Act to amend a portion of the CARES Act, which resulted in some unemployed filers receiving higher wages through unemployment compensation than through their previous jobs.
The bill caps the amount an individual can receive from unemployment insurance at 100 percent of their previous wages.
by Todd DeFeo The House Finance Committee will consider a trio of bills when it meets this week, including a measure to allocate $350 million of federal dollars to communities across the state. The hearing comes as state lawmakers resume business – even if in a limited capacity –…
One of the regulators pegged to oversee the coronavirus stimulus is married to a corporate attorney who touts her history of defending companies in civil and criminal enforcement cases before the Security and Exchange Commission (SEC), public records show.
Senate Minority Leader Chuck Schumer tapped attorney Bharat Ramamurti to sit on the Congressional Oversight Commission, a five-member panel Congress created in March to oversee the $2.2 trillion stimulus package. The commission’s statute does not explicitly require members to disclose their finances, though three of the members are obligated to provide disclosures as they are lawmakers.
Americans have come together in the fight against the invisible enemy, but this situation has been made worse by some politicians who seek to take advantage of this pandemic and our recovery while so many are suffering. President Trump has been working around the clock to slow the spread of the Wuhan virus and get the economy going again, but Nancy Pelosi and Chuck Schumer have used this crisis to push their radical socialist agenda and grow the size of government. Twice now, Nancy Pelosi held American families, workers, and businesses hostage for days by delaying relief funding in the name of securing tens of millions of dollars for the Kennedy Center, pushing her Green New Deal, changing voting laws, and growing government to advance her radical socialist agenda.
Even more recently, there have been calls to give handouts to failing state and local governments, not because of the coronavirus, but because these states have been mismanaged and run irresponsibly. The American taxpayer should not bail out state and local governments for the reckless fiscal decisions made before the coronavirus.
The Small Business Administration and the U.S. Treasury revealed Sunday that the second round of the Paycheck Protection Program has issued 2.2 million loans, totaling $175 billion.
PPP loans are forgivable loans for small businesses to offset some of the losses experienced by the response to the COVID-19 pandemic. The loans are meant to provide a direct incentive for small businesses to keep their workers on the payroll.
Amid the COVID-19 pandemic, multiple colleges are still committed to hiring administrators for diversity initiatives on campus. This comes as thousands of universities around the country collect billions of dollars in bailout money from American taxpayers.
Former 2020 Democratic presidential candidate Julian Castro said that those living unlawfully in the United States should be included in coronavirus relief packages doled out by the government.
Castro gave an interview to the Daily Kos divulging his thoughts on the recent coronavirus pandemic and how the United States should handle the crisis. Much like his time on the presidential campaign trail, Castro staked out progressive positions on the intersection of illegal immigration and role of American government.
The federal government is sending more than $108.8 million to 97 airports in Ohio as part of a program to help them during the COVID-19 pandemic.
The money is part of the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act Airport Grant Program. In total, the feds are doling out $10 billion to airports nationwide.
“This $10 billion in emergency resources will help fund the continued operations of our nation’s airports during this crisis and save workers’ jobs,” U.S. Transportation Secretary Elaine L. Chao said in a news release.
by Jason Hopkins Democratic lawmakers in Congress are calling on the federal government to make illegal aliens eligible for federal relief amid the coronavirus pandemic, while local and state Democratic leaders have already made their coffers available for those living unlawfully in the country. President Donald Trump signed the CARES Act…
One of the largest banks in the United States announced that it is no longer accepting applications for a federal program aimed at rescuing small businesses affected by the coronavirus pandemic.
Wells Fargo has stopped accepting new applications for the government’s Paycheck Protection Program, an initiative created by the government to assist U.S. businesses that employ fewer than 500 people. The bank’s decision came after it was inundated with billions of dollars in loan requests since Friday.
One of the key aspects of President Donald Trump and Congress’ $2.2 trillion coronavirus relief package are provisions for $350 billion for 30 million small businesses to cover payrolls for 60 million Americans for eight weeks to encourage people to stay home to wait out the Chinese coronavirus pandemic.
Along with the expanded unemployment and credit facilities covering critical industries and larger employers, the policy is designed to ensure that in saving as many lives as possible — the White House coronavirus task force has said as many as 2.2 million Americans could die without social distancing — we don’t find ourselves in a long, deep recession or depression as a result that might take a decade to recover from.
When Rahm Emanuel told audiences that former President Barack Obama should “never let a serious crisis go to waste,” he was applauded. Emanuel was referring to the Obama Administration’s response to the Great Recession. Clearly, President Obama agreed. Obama ushered in the greatest reorganization of the American socio-economic order under the auspices of resolving the financial crisis (which, of course, Obama never actually did resolve).
Similarly, the outbreak of the novel coronavirus from Wuhan, China offers President Trump a momentous opportunity to enact his own sweeping agenda – all of which would be far more beneficial to the American people than Obama’s statism. Trump needs to press his advantage with as much vigor and alacrity as Obama pressed his during the financial crisis.
The start of the devastation from the Chinese virus is clearly reflected in the new monthly jobs report from the U.S. Bureau of Labor Statistics, which shows that the economy axed 701,000 jobs in March. The unemployment rate jumped from a near historic low of 3.5% to 4.4%.
Tennessee small businesses are eligible for up to $10 million each in forgivable loans as part of the $2 trillion federal COVID-19 relief package, but some business owners are struggling to understand how to comply with the rules.
Like in many states, restrictions enacted by Gov. Bill Lee have caused many businesses to scale back services or temporarily shut down. Restaurants cannot provide dine-in services and nonessential businesses have been forced to close.