Mar 26 2020

WCTI

The Phase III emergency relief package that will provide direct checks to North Carolinians and help for small businesses affected by the coronavirus pandemic, including direct checks to many beginning as soon as next month, has passed.
 
… As for stopping the spread of COVID-19, Tillis says there are many steps people can take to help in that effort.
 
"The bill I supported will provide every individual in North Carolina who reported taxes in 2018, 2019, or revenue through social security, will be eligible for a one time check in the amount of $1,200 per adult, $500 per child, subject to certain limits at the upper scale of the income. So after $75,000 up to $100,000, the payment will be reduced, but you will get some economic support. The whole idea of this one-time payment is to help people bridge the gap while we fight the virus.”


He says it will be important to closely monitor how and if the emergency spending shores up the economy as well as how well the U.S. is fighting the virus. As for small businesses, Tillis says the portion of the loans used to pay employees laid off during the pandemic will not have to be repaid.
 
“For small businesses, we are going to be able to provide loans that are completely forgivable if you use that loan to pay your employees. So every dollar that you pay someone’s salary, you can actually claim and you would be forgiven and not have to pay that part of the loan back. If you use a portion of the loan for other operations or other things you may be doing for the business, then it would be a low interest loan that would have a payback period that would be negotiated between you and your lender.”


As for stopping the spread of COVID-19, Tillis says there are many steps people can take to help in that effort.
 
“I think we all have to maintain a sense of calm, we all are responsible for trying to reduce the spread of the virus. The best way you can do that is to stay at home if you can. Do not find yourself in unfamiliar settings, don’t even go visit family members. Give them a call. Talk to them and encourage them to practice safe behaviors so that we can reduce this spread. The sooner we flatten the curve, the sooner health care facilities will be available for those who are going to have complications. The vast majority of us will not. The vast majority of us will heal just by staying at home and tending this virus the way you do the common cold or flu. Some will have serious conditions and we have to do everything we can to make sure that the health care facilities in North Carolina are prepared to tend to those patients.”

Read the article here.

###