By Copper Dome Strategies
Friday, Oct. 16, 2020
With no plans for the General Assembly to return to Columbia, this will be the final weekly report until after November’s general elections. We will keep you apprised should there be any legislative activity.
The Board of Economic Advisors met on Thursday to discuss economic trends.
The SC Department of Administration announced it will soon begin receiving applications for the “Minority and Small Business Relief Grant Program,” which has $40 million in funds to distribute. Grant awards will range from $2,500 to $25,000.
accelerateSC is a one-stop website to help businesses and citizens connect to important information during this crisis.
BOARD OF ECONOMIC ADVISORS
The State Board of Economic Advisors (BEA) met on Thursday but did not adjust the state budget revenue estimate.
Revenue and Fiscal Affairs Director Frank Rainwater began the meeting with good news that revenue collected is $124 million above the estimate. Our economy is rebounding faster than expected, the unemployment rate has been cut in half since the start of the pandemic and personal income continues to grow. Employment has recovered but stabilized at lower rates. The leisure and hospitality industry, however, remains a concern. Rainwater noted that moving forward much of the revenue forecast depends on assumptions regarding the degree and duration of the pandemic.
Following the BEA meeting, the BEA Regional Advisory Committee met. Economists from the Federal Reserve Bank of Richmond, Wells Fargo Securities, The Citadel, College of Charleston and the University of South Carolina gave an overview of their forecasts for FY 20-21 and FY 21-22. There was consensus among the economists that while there uncertainty remains, economic growth will be faster than average in 2021, returning to normal growth by the end of the year. They remain concerned about the federal debt and the effects it will have on the economy in the future.
The BEA is statutorily charged to provide the General Assembly with the official revenue estimate for lawmakers to draft the annual state budget. The group will meet again Nov. 10 when members will provide the General Assembly with its official revenue estimate for FY 21-22. Handouts from the meeting can be found here.
MINORITY AND SMALL BUSINESS RELIEF GRANT PROGRAM
The SC Department of Administration announced it will soon begin receiving applications for the “Minority and Small Business Relief Grant Program.” This state program was created by the General Assembly as part of Phase II CARES Act allocations. Grant awards will range from $2,500 to $25,000.
To be considered for a grant, businesses must meet the following criteria:
- Employ 25 or fewer employees
- Be physically located in SC
- Have been in operation from Oct. 13, 2019, to present
- Experienced a business impact due to COVID-19
There are addition rules for nonprofits to apply. For more information on applying for a grant, click here.
State Superintendent of Education Molly Spearman announced on Tuesday that the SC Department of Education (DOE) is providing more than $33 million in additional funding for personal protective equipment (PPE) and supplies for all 81 public school districts. Spearman said she has sent $43 million of protective equipment to more than 1,300 schools and has fulfilled every request made. The additional funds will support efforts to maintain and return to face-to-face instruction.
Other helpful links:
COVID-19 Screening & Testing Sites
The Emergency Management Division provides links to important information, including the SC Department on Aging, SC Childcare, the SC Department of Employment and Workforce, the Department of Revenue and the SC Department of Insurance.
South Carolina Department of Commerce for small business information and assistance.
For additional resources that may be beneficial to your organization’s recovery efforts, visit Haynsworth Sinkler Boyd’s COVID-19 Resources page (Copper Dome Strategies is a subsidiary of HSB).
South Carolina Health Alert Network
South Carolina COVID-19 Emergency Supply Sourcing & Manufacturing
The General Assembly has no plans to return to Columbia.
We will keep you apprised of any legislative activity.
Thank you for following SCACPA’s ‘The View from the Dome’ for State House Developments on Tax Issues Through SC’s 2020 Legislative Session. Here is a review of our weekly updates in 2020.
Jan. 10: South Carolina’s Pending Tax Bills and Your 2020 Legislative Preview
Jan. 17: Gov. McMaster’s Executive Budget Calls for Tax Cuts, Rebates for Taxpayers
Jan. 24: McMaster’s State of the State Emphasizes Tax Cuts, Rebates, Teacher Raises; Business License Tax Talks Continue
Jan. 31: House Subcommittee Hears Budget Request from SC Chief Justice to Improve Case Management System
Feb. 7: Senate Finance Committee Approves Business Personal Property Bill for DOR Filing
Feb. 14: Board of Economic Advisors Announces Largest Budget Surplus in SC History
Feb. 21: House Floor Debate is Up Next for Budget After Ways and Means Committee Plan Adopted
Feb. 28: House Members Have Upcoming Week to Study Budget Before Floor Debate
March 6: Education Reform Bill Moves from Senate to House; DHEC Tells of Coronavirus Resources
March 13: Senate Bills Make Progress for Conformity, Business Personal Property and Business License Tax Reform
March 20: A Look Inside the $45M COVID-19 Relief Package for DHEC; Return of Legislators is on Hold
March 27: Legislative Session Remains Postponed; Candidate Filing Period Ends on March 30
April 3: General Assembly Will Convene for One Day on April 8; State Elections Leader Suggests List of Voting Adjustments
April 10: Here are Details of General Assembly’s Unresolved Continuing Resolution Situation for State Operations Budget
April 17: McMaster Announces ‘Accelerate South Carolina’ Revitalization Plan, Details to Come
April 24: accelerateSC Revitalization Task Force Goes to Work
May 1: General Assembly Set to Return to State House on May 12
May 8: Gov. McMaster Announces that Indoor Dining in SC Can Resume on May 11
May 15: General Assembly Passes Continuing Resolution for State Budget; Close-Contact Businesses Can Resume Monday, May 18
May 22: Restrictions Lift on Tourist Attractions on May 22, but Extended State of Emergency Remains until May 27
May 29: Gov. McMaster Will Now Review accelerateSC Committee’s Final Recommendations
June 5: House COVID-19 Liability Protection Committee Weighs Burdens of Potential Lawsuits for Struggling Businesses
June 12: Gov. McMaster Recommends Disbursal of $1.9B Coronavirus Relief Fund in Two Phases
June 19: Senate Finance Committee’s Plan for CARES Act Funds Includes $500M for Unemployment Trust Fund
June 26: $1.2B in Federal CARES Act Funding is Authorized
July 10: accelerateED Task Force Offers its Guidance for 2020-21 School Year
July 31: Board of Economic Advisors Anticipates SC’s 2019-20 Surplus as $220M
Aug. 7: Legislative Committees Discuss Regulatory Relief, Broadband Access and Testing Efforts
Aug. 14: Joint Bond Review Committee Approves Highway Projects, Seeks More Funds for Rural Broadband
Aug. 21: Gov. McMaster Urges Cabinet Agencies to Maintain Funding Levels from Continuing Resolution For Now
Aug. 28: Comptroller’s Office Announces $350M Surplus for FY 2019-20
Sept. 4: Latest BEA Projection is $775M in One-Time Surplus Revenue
Sept. 11: Senate Finance Committee Passes Version of FY20-21 Budget, OKs $420M from CARES Act for Unemployment Insurance Trust Fund
Sept. 18: Conference Committee Named to Resolve Remaining CARES Act Funding for Local Governments, Colleges, Nonprofits
Sept. 25: General Assembly Adopts Tax Conformity Legislation, Awaits Governor’s Signature
Oct. 2: McMaster Signs Bills for Conformity, Business License Tax Standardization into Law
Oct. 9: $10M in CARES Money Remains to be Committed to Expand Broadband
To keep up with the latest news of SCACPA Advocacy, turn to the SCACPA Blog and our social media outlets.