Virginia business advocates praised the COVID-19 stimulus package passed by Congress but said additional state action is necessary for businesses to receive the full benefits of the legislation.
The $900 billion COVID-19 stimulus provides about $325 billion in aid to small businesses nationally, including $284 billion for forgivable Paycheck Protection Program (PPP) loans, $20 billion for Economic Injury Disaster Loan grants, $15 billion for live venues, independent movie theaters and cultural institutions and another $12 billion for businesses in low-income and minority communities.
Congress’ bill also addressed a couple of concerns businesses raised regarding the first wave of PPP loans. The bill simplifies the forgiveness applications and makes the loans tax deductible at the federal level. The deductibility applies to loans that already have been received and any loans received in the second wave, which would prevent a hidden tax increase on businesses. Read More
A Tennessee Congressman is taking a stand against this week’s COVID-19 stimulus package passed by Congress.
“We need to quit funding foreign countries,” Rep. Tim Burchett (R-TN-02) told The Tennessee Star by email. “Americans are struggling right now, I don’t know what the magic number is for direct payment but I know the amount needs to be more than $600.” Read More
With nine session days left in 2020, Gov. Gretchen Whitmer asked the Republican-led Legislature to pass a $100 million COVID-19 stimulus package as well as several other pieces of legislation.
“This is the most urgent public health emergency our state has faced in our lifetimes, and it demands our full, immediate, and unified attention,” Whitmer wrote in a letter. Read More
As the 10th most populated state in the country, Michigan may be a major beneficiary of the federal stimulus package currently winding through the U.S. Capitol. Read More
Following Ohio’s shocking unemployment rate increase of 2,565 percent, one economist says the COVID-19 coronavirus’ economic impact will be “long lasting” and provides a list of recommendations. Read More
Live from Nashville, Tennessee Wednesday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m.– Leahy and Carmichael discussed the economy and its effects caused by the coronavirus pandemic. Read More