Federal Policymakers Outline Massive Stimulus Package to Assist Business, Individual Taxpayers
With the Senate having been recalled this week from a scheduled recess, lawmakers and Administration officials are discussing the outlines of an $850 billion stimulus package to address economic disruptions caused by COVID-19. The package, which will need support from House Democrats, may include $50 billion in direct assistance to the airline industry, $500 billion in direct cash payments to individual taxpayers, and $250 billion in loans for small business.
Because a large percentage of equine businesses file tax returns as S-Corporations or “pass through” entities, the small business loans could be especially helpful for many members of the horse industry moving forward. With respect to the half-trillion dollars in direct payments to individual taxpayers, the Administration states that it would seek to disburse the payments in two portions including a $250 billion installment that could be available as soon as early April. Stay tuned for details related to stimulus, and possible benefits for large segments of the horse industry, as lawmakers turn their attention to legislation intended to blunt the impact of COVID-19.
Economic Impact of COVID-19 on Equine Industry to be collected
Dozens of equine events have been cancelled or postponed around the world amid an outbreak of a new type of coronavirus. The pathogen’s effect has been felt across a range of industries. To be proactive, we’d like to suggest that the equine industry begin to think about quantifying our losses. Just like the airline industry, the hospitality industry, and other sporting industries we need to gather data that will help us convey our message.
The American Horse Council will be conducting a survey to obtain qualitative and quantitative data to help us paint this picture – in the meantime we ask that you start collecting and noting the impacts this pandemic is having on your equine business. And please feel free to reach out to us at 202-296-4031 or email firstname.lastname@example.org
Be safe and be well.
About the American Horse Council
As the national association representing all segments of the horse industry in Washington, D.C., the American Horse Council works daily to represent equine interests and opportunities. Organized in 1969, the AHC promotes and protects the industry by communicating with Congress, federal agencies, the media and the industry on behalf of all horse related interests each and every day.
The AHC is member supported by individuals and organizations representing virtually every facet of the horse world from owners, breeders, veterinarians, farriers, breed registries and horsemen’s associations to horse shows, race tracks, rodeos, commercial suppliers and state horse councils.