Daily Business Bulletin – March 30, 2020

In order to keep you informed on the evolving impact of COVID-19 on our local community, the Plano Chamber will be publishing updates every weekday as the Daily Business Bulletin. We will share the top news items that you need to read to stay up-to-date on important health, community, and business issues as they develop.

March 30, 2020

President Donald Trump extended the federal guidelines for social distancing and avoiding gatherings of 10 or more people through April 30th.

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A federal stimulus package, called The CARES Act, was signed into law by President Trump on Friday, March 27th.  The $2 trillion economic stimulus package was the largest relief package in history and includes:

  • Direct payments of up to $1200 to individuals under certain income thresholds and $500 for each child under 18;
  • Extended unemployment insurance funds in the amount of $250 billion to offer unemployed workers an additional $600 per week for four months;
  • Allows employers to delay the payment of their portion of 2020 payroll taxes;
  • Waives the 10% withdrawal penalty for distributions up to $100,000 from retirement funds for coronavirus-related purposes;
  • Increased the 401(k) loan limit from $50,000 to $100,000;
  • $350 billion for small businesses to prevent layoffs and closures while workers have to stay home.  Companies with 500 employees or fewer that maintain their payroll during the coronavirus can receive up to 8 weeks of cashflow assistance;
  • $500 billion for large corporations to provide loans, loan guarantees and other investments.  Airlines are set to receive $50 billion.
  • $100 billion for hospitals and healthcare, and $40 billion for personal and protective equipment for healthcare workers, testing supplies, accelerated Medicare payments and supporting the CDC.
  • All testing and potential vaccines for COVID-19 will be covered at no cost to patients.

Looking for guidance on Coronavirus Emergency Loan? Click here for a review from the U.S. Chamber of Commerce.

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Texas Governor Greg Abbott has issued new travel restrictions into Texas, requiring a 14-day self-quarantine for anyone flying to our state from Miami, Atlanta, Detroit, Chicago, New York, New Jersey, Connecticut, California, Washington or New Orleans, as well as those driving from Louisiana.  Additionally, Governor Abbott announced the state’s first ad hoc health care facility to be constructed at the Dallas Convention Center.  The makeshift hospital will have the capacity for 250 beds with the potential to expand to more than 1,000.

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Judge Chris Hill ordered Collin County residents to stay home except for essential activities, including continuing to work.  Judge Hill declared that all Collin County businesses are essential and may remain open so long as they continue to practice social distancing guidelines and the bans enacted by the State, including the closing of bars and restaurants.

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Texas Comptroller Glenn Hagar told lawmakers that the general revenue for the state budget and the Rainy Day Fund balance will be drastically lower – possibly by billions of dollars.

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Small business loans are available through the SBA, but officials urge businesses to apply sooner rather than later.

Click here to apply now.

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Upcoming Plano City Council Meeting
How to Speak at the Council Meetings via Videoconference:

This evening’s Plano City Council meeting will be by videoconference. The Council Meeting regular session begins at 7 p.m. It is preceded at 5 p.m. by the Executive Session, which is followed by the Preliminary Open Meeting. Review the agenda on the city council agenda webpage: share.plano.gov/CCAgendas.

To speak at the Council Meeting, registration is required at share.plano.gov/March30Meeting.

Comments will be received via broadcast by webinar. Please register ONLY if you wish to address the Council. Emails may also be submitted to councilcomments@plano.gov by 5 p.m. today. Watch the City Council meeting live on the City of Plano’s Facebook page or planotv.org.