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Yesterday, the United States Senate passed the largest economic rescue package -$2 trillion, nearly 10% of the entire U.S. annual economy - in the history of our country. I’d like to thank both Senators Casey and Toomey for their work to lead this phase of addressing the COVID-19 emergency. The House of Representatives will likely vote tomorrow and the President will sign this bill into law. We are grateful for the efforts of our delegation: Representatives Doyle, Joyce, Kelly, Lamb, Reschenthaler and Thompson. Their fast action and tireless work to ensure a robust economic stimulus package allows our region to move forward, better prepared to handle the economic challenges COVID-19 presents.
Our partners with the U.S. Chamber of Commerce have provided a thorough analysis of CARES Act. I encourage you to review this robust stimulus package and ensure you are fully aware of the supports available to your organization. Key provisions in this $2 trillion stimulus package include:
- $500 billion in loans, grants, and support for Federal Reserve credit facilities;
- $349 billion lending program for Small Businesses modeled after the existing Section 7(a) SBA loan structure;
- Robust support levels for local governments, public transit and airports;
- Expansion of Unemployment Compensation Benefits;
- Direct payments to US taxpayers.
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While supports are on their way for organizations vital to our regional economy -- companies, non-profits, and health care agencies -- we must continue to work hard in the days and months ahead to put this soon to be law into action and also ensure policies repairing and improving our regional vitality are on the table for discussion. Our Greater Pittsburgh Chamber of Commerce affiliate, led by president Matt Smith, will continue to work with officials at the local, state, and federal levels throughout these trying times.
We have just begun the process of stabilizing our economy and will continue to push in the right direction.
For more information and continual updates on our region’s response to COVID-19 please visit our website.
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Sincerely,
Stefani Pashman
CEO
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