5-7-2020 Re-Opening America Update
Latest Coronavirus Update from Congressman Jeff Duncan:
We MUST re-open America and get our nation back on track. I hope you’ve seen my repeated calls for our state and nation to re-open which I know we can do safely and effectively. We can put measures in place to protect the most vulnerable while freeing individuals and businesses to get back on their feet and turn the “open signs” back on. I’m pleased to see areas of the country begin phases of re-opening, and I’m thankful we have the Trump Administration who is working to that end as well! Click HERE to read more.
New Legislation to Save $27 Billion
It’s no secret the Coronavirus Aid, Relief, and Economic Security (CARES) Act was loaded down with egregious pork barrel spending unrelated to COVID-19. The American people expect their elected officials to seriously debate and legislate the issue at hand – especially during a crisis – instead of utilizing an emergency to bolster unrelated initiatives. Unfortunately, legislators chose to take advantage of the crisis to push their agenda. That’s why I introduced the Working Under Humanity’s Actual Needs (WUHAN) Rescissions Act to eliminate over $27 billion in unrelated spending included in the CARES Act under the guise of fighting COVID-19. Want more info? Click HERE to read and click HERE to watch.
Paycheck Protection Program (PPP)
The second round of PPP has been a huge success so far as I’ve been hearing story after story of this program helping small businesses around SC03. Over 3.9 million small businesses around the country have had loans processed, with almost one-third of the approved dollars from lenders with under $10 billion in assets. As of May 6th, the program approved over 2.44 million loans with over $131 billion in funding (round one had over 1.6 million loans with over $340 billion in funding). The average loan size for round two is just over $75,000.
PPP has been a lifeline for small businesses by helping keep folks on the payroll while we re-open America – it’s saved millions of jobs so far. If you or someone you know owns a small business, please check out these resources or contact my office for assistance. While these programs are meant to help in a time of need, the best thing we can do is get businesses up and running again.
Economic Impact Payments
Millions of eligible Americans have received their economic impact payments with millions more on the way out the door. If you haven’t received yours yet, click HERE to receive a status on the payment.
The Internal Revenue Service (IRS) continues to update their Frequently Asked Questions and economic impact payment guidance on their website. For instance:
Does someone who has died qualify for the Payment? (added May 6, 2020)
No. A Payment made to someone who died before receipt of the Payment should be returned to the IRS by following the instructions about repayments. Return the entire Payment unless the Payment was made to joint filers and one spouse had not died before receipt of the Payment, in which case, you only need to return the portion of the Payment made on account of the decedent. This amount will be $1,200 unless adjusted gross income exceeded $150,000.
Does someone who is a resident alien qualify for the Payment? (added May 6, 2020)
A person who is a non-resident alien in 2020 is not eligible for the Payment. A person who is a qualifying resident alien with a valid SSN is eligible for the Payment only if he or she is a qualifying resident alien in 2020 and could not be claimed as a dependent of another taxpayer for 2020. Aliens who received a Payment but are not qualifying resident aliens for 2020 should return the Payment to the IRS by following the instructions about repayments.
For more information on situations like these or other questions you may have pertaining to a personal situation, click HERE.
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Please let me know how I can serve you and your loved ones during this time.