Mar 24 2020
I want to let you all know that help is on the way! Even though what is known as the 3rd phase of the legislative response has yet to pass, I am confident it will. Unfortunately at the eleventh hour, Speaker Nancy Pelosi saw an opportunity to advance her wish list and green new deal initiatives, at the expense of the American people.
There is draft legislation that is the product of bipartisan negotiations. It will send direct relief to the American people, deliver historic assistance to small businesses so workers can continue getting paid, help secure our economic foundations and prevent additional layoffs, and surge more resources onto the front lines so hospitals and healthcare professionals’ can fight to defeat the virus.
I want you to see the summary and highlights of the this bipartisan proposed bill that would provide direct and swift relief to the American people. Negotiations are ongoing and it will likely change, but I anticipate the key components will stay the same. (Find on COVID-19 page at the bottom)
I Will Continue to Fight for You
I spent last week speaking with small businesses, chambers of commerce, and business leaders in the tourism industry about possible solutions for the disruption that this disease has caused the tourism market on Grand strand and Pee Dee.
I’ve spoken repeatedly with Governor McMaster, Senators Graham and Scott, leadership of the Ways and Means committee, and other Republican leadership regarding the devastating effects on the tourism industry.
I've co-sponsored the Small Business Assistance Act 2020, along with Reps. Kelly, Kind, and Sewell. Senator Scott introduced it In the Senate as an amendment with Senators Sasse, Klobuchar, and Booker. This is a one-time retroactive tax credit applicable to tax year 2019 that is a dollar-for-dollar credit equivalent to four months of commercial rent or mortgage payments made by the small business for 2020.
- The credit is not refundable.
- A business must have fewer than 500 employees to qualify.
- The credit is capped at a maximum of $50,000.
- There is language included giving IRS the necessary authority to root out fraud and abuse, including through third party reporting
Saturday, I sent a letter to Leadership asking that the tourism industry be given $100 billion to support them during this pandemic.
I will continue to work with my colleagues in Congress to ensure that Americans get the help and support they need. As always, if you have any questions, please don't hesitate to reach out to my office.
I urge you to continue to practice good hygiene and social distancing. Help is on the way. A deal will be reached and America will continue to be the land of Opportunity. Stay home and stay healthy.