I will be hosting a Facebook Live Townhall on Wednesday at 1:00 p.m. with Mississippi’s State Health Officer Dr. Thomas Dobbs. We will be answering
frequently asked questions to give you the most up-to-date information on federal and state COVID-19 response efforts. Tomorrow on my Facebook
page, we will be asking for questions to answer live during the Townhall. However, as one of my newsletter subscribers, we are asking for your
questions first. For a chance to have your questions answered, submit yours below.
Have a question about COVID-19 federal legislation or Mississippi’s response? Ask below:
Stimulus Package Information for Small Businesses in Mississippi’s Third District
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, approved by Congress and signed by President Trump last week, provides a significant
boost to small businesses affected by the COVID-19 outbreak. The CARES Act included approximately $350 billion in loans for the new Small Business
Administration Paycheck Protection Program (PPP) to assist small businesses with payroll, group health benefits, rent, utility, and other expenses.
Under the PPP, businesses and nonprofits with 500 employees or less can apply for up to $10 million in low-interest SBA loans to help with payroll
costs during the COVID-19 outbreak. These loans are 100% guaranteed by the federal government, and fees and collateral requirements for these loans
have been waived.
The legislation also enables small businesses to apply for loan forgiveness under the PPP in the amount spent they spend to retain employees and
on other qualified expenses during an 8-week period after the origination date of the loan. The loan forgiveness amount will be reduced proportionally
based on decreases in employee retention and employees’ pay rate compared to the previous year. However, borrowers who rehire employees who were
laid off after February 15th due to the coronavirus will still be eligible for the loan forgiveness for any employee they bring back on the payroll.
Eligibility for this program remains open until June 30th, 2020.
Payroll taxes will be delayed for the remainder of the year for businesses that do not take advantage of the PPP. Businesses who choose to delay will
pay back these taxes over the next two years at 50% per year.
More information, including answers to frequently asked questions, can be found in the links below:
- Small Business Owner’s Guide to the CARES Act
- SBA’s Coronavirus (COVID-19): Small Business Guidance & Loan Resources
- House Small Business Committee Documents and FAQs
- Paycheck Protection Program FAQs for Small Businesses
Stimulus Package Rebate Eligibility and Amount
There is no minimum income requirement and no tax liability requirement to be eligible for a rebate check. All Americans with a valid social security
number are eligible. Those who did not file an income tax return for 2018 are still be eligible for the rebate by 1) completing their 2019 tax
return before July 15th, or 2) using the SSA-1099 to identify Social Security beneficiaries who fall below the tax filing requirement. Individuals
living in the United States illegally are not eligible for the rebate.
Individuals who qualify will receive $1,200 and joint filers will receive $2,400. Those with dependent children will receive $500 per child. The payments
are phased out beginning at incomes of $75,000 for individuals/$112,500 for heads of households/$150,000 for joint filers. The rebate is phased
out completely for individuals with individual incomes above $99,000 or joint filers with incomes above $198,000.
As of Monday, March 30, 2020, the Centers for Disease Control and Prevention (CDC) reported that 140,904 cases of COVID-19 have been confirmed in the United States, 2,405 individuals have passed away as a result of infection, and 50 states,
the District of Columbia, Puerto Rico, Guam, Northern Marianas, and the U.S. Virgin Islands have at least one case. As of Monday morning, 847 cases of COVID-19 have been reported in Mississippi and 16 Mississippians passed away as a result of infection. MSDH also released the following statement on COVID-19 testing: “Since many COVID-19 tests are now being done by private
providers, we’re no longer reporting the number tested only in the MSDH Public Health Laboratory. State laboratory numbers alone do not provide
an accurate picture of testing statewide.”
For more information, I have compiled a list of helpful resources on my website. You can visit my Coronavirus Relief page and access to important guidance on coronavirus relief efforts. If you are not already subscribed to receive updates on COVID-19, you can sign
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Member of Congress