Congressional and State Changes Impacting Kentucky Businesses
FEDERAL STIMULUS PACKAGE PASSES SENATE
After days of intense back-and-forth negotiations, the U.S. Senate passed the emergency relief stimulus package dubbed the Coronavirus Aid, Relief and Economic Security (CARES) Act on Wednesday night.
The CARES Act aims to ease financial concerns for small businesses, improve access to health care, provide an emergency increase for unemployment benefits, aide small businesses through a “paycheck protection program,” and sets up a loan program and support for Federal Reserve credit facilities, among several other provisions.
Below are some highlights of the CARES Act:
- $349 billion small business “paycheck protection program”
- Loan program and credit facility with $500 billion in assistance
- Business tax provisions delaying employer payroll taxes
- Payments and relief for individuals up to $1,200 per individual and $500 per child. Payments would start to phase out for individuals with gross incomes more than $75,000, and those making more than $99,000 would not qualify at all.
- Pandemic unemployment assistance for those not eligible for regular UI
- Increase of $600 per worker in unemployment benefits
- Improved access to healthcare
Get more details of the legislation and how it might impact your business on The Bottom Line here.
CONTRACTORS AND SELF-EMPLOYED KENTUCKIANS CAN NOW FILE FOR UI
Gov. Andy Beshear announced Wednesday evening that business owners, those who are self-employed, independent contract workers, substitute teachers, and many others will now be able to receive unemployment insurance benefits.
He stated anyone who has already applied for the benefits and been denied because they fall in this category will not have to apply again and their claim will be addressed. If an individual has not yet filed, they will need to do so based on the schedule the state has put out for filing on a certain date based on your last name.
WHO’S HIRING?
The Kentucky Chamber Workforce Center staff is working with employers looking for talent due to surges experienced with COVID-19. Our team is working with Kentucky’s Workforce and Education Cabinet and Career Centers across the state to identify talent currently experiencing job loss due to COVID-19.
WE NEED YOUR FEEDBACK
As you know, the Kentucky Chamber has been conducting surveys of businesses across the state to see how COVID-19 is impacting you. In just one week, we saw the number of businesses having their employees work from home and having to make tough financial decisions.
This information is crucial to all businesses across the state, policymakers, and much more as we look for best practices. Because of this, we are asking you to take a few moments to fill out our updated survey to see what your reality looks like this week as more restrictions have been put in place and the government works on stimulus to help businesses during this time.
ASK THE KENTUCKY CHAMBER OF COMMERCE A QUESTION
And finally, a friendly reminder that the Kentucky Chamber of Commerce is here to help you navigate all the uncertainty in our current world. We welcome any questions you have about COVID-19 and are working around the clock to get the answers you need.
- On March 27, 2020
