Federal Stimulus Bill Becomes Law, SC Chamber Webinar Series
Email to Membership
March 27, 2020
Today’s COVID-19 business information compiled by your SC Chamber Team includes:
President Signs Federal Stimulus Bill (CARES Act)
Today, the US House passed, and President Trump signed HR 748 (CARES Act) into law, the most substantial economic stimulus package in American history. Senators Graham and Scott hosted a call with business organizations this afternoon to specifically discuss the parts of the bill about small businesses (under 500 employees). They stated that it would take several weeks to get the money flowing to small businesses. We will keep you posted on the timing and availability of small business loans.
Some key highlights of the bill:
- $350 billion for forgivable small business loans.
- Expansion of unemployment benefit coverage and amount
- $500 billion for corporate aid
- $1,200 checks for certain single filers and $2,400 for certain joint filers (under $75,000 income)
- $340 billion for healthcare-related programs
- $150 billion for state and local governments to replenish coffers
The Chamber will host a series of webinars and teleconferences to explain the many different provisions of this 854-page bill, including the small business loan process, available tax credits for businesses, and other economic benefits.
SC Chamber Webinar Series
The SC Chamber and our partners are co-hosting a series of webinars over the coming weeks on a variety of topics to help our members navigate the impacts of COVID-19.
- The Impact of the CARES Act on Unemployment and Incentives for Employers to Keep Employees Working
- Date: Wednesday, April 1st, 12:00 PM - 1:00 PM ET
- Presenter: Ashley Cuttino, Ogletree Deakins
- Topic: Today, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This webinar will discuss the expansion of unemployment benefits in five key ways and will discuss incentives for employers to keep workers employed through additional SBA loans and tax credits.
- Managing A Remote Workforce
- Exempt vs. Non-Exempt employees; setting goals, guidelines and expectations; providing adequate equipment and more.
- Featuring Perry McClanahan, Associate, Haynsworth Sinkler Boyd PA, and our friends at Microsoft
- Navigating the SBA Loan Application Process
- Who is eligible? How to apply? What information is required?
- Co-hosted by the US Small Business Administration and the SC Bankers Association.
Register via our COVID-19 Virtual Events Section on our website.
14-Day Quarantine of Travelers from New York, New Jersey, Connecticut, New Orleans
Today, Governor McMaster issued an executive order mandating that travelers coming from New York, New Jersey, Connecticut, and New Orleans must self-quarantine for 14 days. A violation of the order is a criminal misdemeanor. Read the executive order here.
Today, the SC Attorney General issued an advisory opinion stating that local governments cannot legally issue emergency orders, which is a power delegated to the Governor. This advisory includes the stay-at-home ordinances issued by the cities of Columbia and Charleston. This opinion is not binding, but it states that local governments that issue emergency orders are subject to liability.
North Carolina issued a statewide stay-at-home order this afternoon. Governor Cooper issued the order in reaction to multiple NC cities and counties, creating confusion and complexity for individuals and businesses with inconsistency in their orders.
Member in Need
Many of our members have done fantastic work responding to the needs in our community caused by COVID-19. We are encouraging businesses in need, and businesses that are filling needs, to share their stories with us. We will post these in our regular email updates to help get the word out and help one another.
Yesterday, we posted a Member in Need request from Enterprise Rent a Car. Enterprise is pleased to report that they have received many offers of help from our members and are very grateful. Thanks to our business community for stepping up, and please continue to send us your requests.