As we begin a new week, here’s a snapshot of the COVID-19 outbreak in the counties that make up the 7th District:
Bladen County: 310 cases, 2 deaths
Brunswick County: 356 cases, 3 deaths
Columbus County: 464 cases, 35 deaths
Duplin County: 1,345 cases, 20 death
Johnston County: 1,135 cases, 26 deaths
New Hanover County: 563 cases, 5 deaths
Pender County: 177 cases, 1 death
Sampson County: 894 cases, 5 deaths
Wayne County: 1,658 cases, 23 deaths
Statewide, we have 52,801 cases and 1,220 deaths due to the COVID-19 outbreak. 845 individuals are currently hospitalized due to the virus, and North Carolina has completed more than 745,000 tests so far.
Nationwide, the CDC has recorded 2,248,029 total COVID-19 cases, and 119,615 deaths as a result of the virus. The CDC has a useful COVID Data Tracker available here, with information by state on cases, trends, demographics and other information.
The Small Business Administration and the Treasury Department announced that they will begin to make public additional information about the recipients of Paycheck Protection Program loans. The SBA will disclose the business names and addresses, as well as the loan amount range and other information, for recipients of loans of more than $150,000. This segment represents almost 75 percent of the loan dollars approved. For loans less than $150,000, totals will be released in aggregate by zip code.
As of June 12, the most recent data available, more than 4.576 million PPP loans worth more than $512.271 billion have been issued since the start of the program.
The SBA has also launched a dedicated online tool to help small businesses and non-profits connect with Community Development Financial Institutions (CDFIs) and other smaller asset-size lenders to obtain Paycheck Protection Loans. Called Lender Match, SBA’s program will help borrowers in underserved and disadvantaged communities obtain loans before the June 30 application deadline.
The IRS has released guidance to help retirement plan participants affected by the COVID-19 outbreak take advantage of provisions of the CARES Act that enable easier access to plan distributions and loans. For example, under the CARES Act, qualifying individuals may treat up to $100,000 in distributions as corona-related if made from their eligible retirement plans (including IRAs) between January 1 and December 30, 2020. A coronavirus-related distribution is not subject to the 10% additional tax that otherwise generally applies to distributions made before an individual reaches age 59½. For more information about who qualifies and how the CARES Act enhances access to your retirement savings should you need access to it due to the effects of the corona virus, click here.
