Congressman Steven Palazzo (R, MS-4) joined my show to talk about passing the CARE Act and stimulus measures for a post-Coronavirus economy. Palazzo's district in Southern Mississippi shares a state border with Louisiana, one of the states hardest hit by COVID-19. We asked the Congressman about shutting down borders to prevent the interstate spread of the disease, similar to ideas being discussed between Mayor Wade Kapszukiewicz and Governor Mike DeWine to protect Toledo from the spread of COVID-19 from Detroit.
By the way, this picture was taken last September, when it was still okay for men to shake hands. Congressman Palazzo and I went to high school at the same time in Gulfport, MS at St. John High School. Go Eagles!
Listen to our conversation on the free iHeartRadio app here.
Last week, Congress passed and President Trump signed into law the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act is providing unprecedented economic and health care relief to ensure small businesses in Ohio get the support they need to get by during the ongoing coronavirus crisis. These provisions are designed to help ensure that families and employers can stay afloat during this public health crisis and that, once it subsides, Ohio will be able to quickly get its economy back up and running.
The CARES Act rescue package will help small businesses across Ohio stay afloat during the coronavirus pandemic by:
- Providing $350 billion in low-interest loans for companies with under 500 employees through the Small Business Administration.
- Small businesses are eligible to receive up to $10 million under this program.
- Importantly, if a small business uses the loan for payroll, rent, or mortgage payments, it is completely forgiven, effectively making it a grant.
- The application for borrowers can be foundHERE.
- Including $500 billion in immediate tax relief for businesses of all sizes, including provisions such as payroll tax deferral and the ability to immediately monetize tax losses. Also included is an employee retention credit for businesses that keep employees on their payroll during a suspension of their business operations.
- These provisions allow Ohio businesses to prioritize keeping employees on payrolland thus minimize painful layoffs.
- The provisions also provide immediate cash flows to help businesses, and in particular small businesses without cash reserves, stay afloat during the months ahead.
·Providing billions of dollars in support for addressing the coronavirus pandemic to ensure businesses can once again open their doors.
oThat includes $150 billion to health care providers and hospitalsnationwide to accelerate the public health response, increase testing, and save lives.
oAnd it includes $4.3 billion to support the CDC and state and local health departments to support the development of better testing and antiviral therapies that can help alleviate the worst symptoms of coronavirus to bring about a quick close to this pandemic.