Dear Lawmakers and American Citizens:
With the review of the next federal stimulus package now underway, I urge you to consider the following fair and equitable approach for all businesses that have been harmed directly from the impact of COVID-19 and the related government-mandated business shutdowns.
I encourage you to consider a process whereby companies are authorized to identify and submit a statement of their financial losses due to COVID-19. These losses would be certified by the CEOs and CFOs of each company, and be reviewed and approved by a panel of appointed audit firms, insurance companies or banking institutions. Once approved, the companies would be eligible to receive a non-taxable payment (similar to a business interruption insurance payment) for a percentage of their certified losses, for example, eighty-percent. (Note that the company owners and executives, along with the audit firms, should be held responsible for any inaccuracies of the submitted claim.)
The ability to apply for and receive this assistance should not be based on company size, number of employees, business sector or any other arbitrary or unfair categorization, such as special interest inclusions or exclusions. Additionally, only those companies that truly have incurred real, extraordinary financial losses as a direct result of being shut-down in response to COVID-19 would be considered for this support. And, companies previously receiving PPP grants or Main Street loans should not be considered for this program in its initial stages.
Whereas the previous stimulus allowed companies experiencing little or no financial loss to obtain grant dollars, this recommended approach will deliver financial support to the companies that have truly experienced actual losses during this unprecedented crisis and have not received any meaningful relief from any of the previous stimulus programs.
Chairman, CEO and Founder, Life Time Inc.