NOTE: This is part two of a multi-part series on the federal HEROES Act, which Congressman Michael San Nicolas co-sponsored in the U.S. House of Representatives. Mr. San Nicolas rolled out breaking news on the legislation, which provides billions in funding and relief to Guam alone.
By Jacob Nakamura
Money directly to struggling people...
A tax holiday on the business privilege tax for small businesses...
Making GovGuam essential employees whole with double pay and differential...
Paying all tax refunds and filling the Provision for Tax Refunds account for next year...
The government of Guam can get creative with what it can fund if legislation in the U.S. House of Representatives becomes law and provides $2.683 billion to the GovGuam treasury for Fiscal Year 2020. Congressman Michael San Nicolas co-sponsored the measure and expects the House to pass it and send it to the Senate this week.
House Resolution 6800, known as the HEROES Act, will provide $20 billion in direct government operations funding to the territories, including Puerto Rico, which will receive the lion's share of that money.
The government of Guam will be able to use the money to make up for financial and economic losses suffered by the government and people of Guam through the national public health crisis. Federal guidelines will have to be adhered to.
To place the $2.683 billion windfall into perspective: the current budget to fund the entire government of Guam this Fiscal Year 2020 is less than $1 billion. The provision for tax refunds is $125 million. Tax refunds payable are estimated to be about $140 million. Total business privilege taxes are about $300 million.
"We have an opportunity to fix historic and structural problems that have plagued our island for decades if we do this right," Mr. San Nicolas said.
When asked whether he's concerned about the ability of the local government to make right by the people of Guam in the proper and best use of this money, if Congress passes HR 6800 into law, Mr. San Nicolas said, "We need our attorney general and our public auditor to keep on top of things like this."
Don’t keep hopes up...House Democrats ploy at exercising socialist democratic ideologies. This may not fly when it reaches the White House. Printing money no matter the good intentions leads to path of fiscal irresponsibility!🤡
As much as Mike is helping Guam, it's not the federal government that should be fixing decades of problems on Guam, Puerto Rico or in the states under the guise of the Wuhan Covid19. The house dems have intentions to make mismanaged states that were serious messed up prior to covid whole again thru using covid funding, coincidentally the majority were mismanaged by state democratic administration's. Please focus on the here and now as to what the people need to survive this covid disaster, not past years of mismanagement as the Senate will shoot it down and we continue to suffer.