ECONOMIC POLICY

Policy Directors: Jacob Ellis and Ishyan Veluppillai

Advocacy Director: Akanksha Padheriya

 

The Economic Policy sector focuses on the issues regarding the economy, covering decisions regarding the changing labor market, financial stability, grants and loans, and more. With the fluctuating nature of the current economy, the Economic Policy sector aims to ensure stable markets, financial security, business development, and increased employment. 

1. The Virginia Tax Relief for Agriculture Industries in Need (TRAIN) Act

May 2020

The Virginia Tax Relief for Agriculture Industries in Need (TRAIN) Act incentivizes the supply chain between farms and food sites through an increase in tax deductions during a State of Emergency. This future provision to the tax code will better allow farmers to donate excess supplies to food sites. During the COVID-19 State of Emergency, many farmers have reported an excess of produce while food sites are experiencing much higher demand. This measure ensures that the supply chain is fully utilized and will cover most transportation costs and other burdens currently limiting farmers.

 

2. Virginia pandemic unemployment Microloan Program (PUMP)

July 2020

The Virginia Pandemic Unemployment Microloan Program (PUMP) is a workforce development initiative that helps ensure job security for those who are most vulnerable to a contracting economy.  The Virginia Employment Commission would be designated to give loans between $2,000 and $10,000 to residents who have been unemployed as a result of COVID-19 and who do not have a post-secondary education.  The goal of this program is to incentivize workers, who lack the necessary credentials and skills, to educate themselves through the Virginia Community College System in order to be more marketable in the coming months and years.

3. North Carolina pandemic unemployment Microloan Program (PUMP)

July 2020

The North Carolina Pandemic Unemployment Microloan Program (PUMP) is a workforce development initiative that helps ensure job security for those who are most vulnerable to a contracting economy.  The North Carolina Department of Employment Security would be designated to give loans between $2,000 and $10,000 to residents who have been unemployed as a result of COVID-19 and who do not have a post-secondary education.  The goal of this program is to incentivize workers, who lack the necessary credentials and skills, to educate themselves through the North Carolina Community College System in order to be more marketable in the coming months and years.

© 2020 by The Greater Good Initiative.

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