State Sen. Ryan Aument (R-Lancaster County) plans to introduce the Small Business Assistance Package to provide relief to restaurants, bars, and small businesses struggling from the COVID-19 pandemic.
Proposal one would require the treasurer to temporarily offer no-interest loans funded through a long-term bond.
Proposal two would create a temporary business improvement tax credit program that would allow businesses that have prospered during the pandemic to donate directly to struggling small businesses in return for a tax credit worth 50 percent of their donation.
This program, which is modeled off the Education Improvement Tax Credit program, would be capped at $500 million and expire after two years.
Proposal three would allow normally profitable businesses experiencing a pandemic-related loss to offset earnings from prior years or future years against current year losses and get refunds for prior years or cut future tax bills. The program would last three years.
Proposal four would waive state fees for retail food and liquor licenses for restaurants and bars.
Proposal five would allow businesses negatively impacted by the state’s shutdown order or business restrictions to deduct property taxes from their state corporate net income or personal income tax liability.