Guest Blog by Jason Hickey, President & CEO, HICKEY
In every corner of the world, we’re facing a crisis which is unparalleled in modern history. The impacts on the way we live, work, and play will be felt throughout society for years to come. Same goes with the wider economy, which has created an uncertain future for business, let alone the immediate shattering effect we’re already feeling.
As companies navigate the uncharted waters of an economic downturn, corporate decision makers need to have all the tools and resources available to navigate their course forward. Leveraging government economic incentives are a vital support option for businesses to evaluate as they develop their strategic plans for the near and long-term future.
Programs and policies have been enacted over the years to aid companies in the best and the worst of economic times. Across the United States alone, there are over 80,000 economic development incentive programs which can be leveraged by businesses and communities to support company retention and growth.
At the same time, national and local governments are rolling out economic stimulus and emergency relief measures to buoy their economies for the difficult path ahead. These major legislative and executive measures include the likes of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion bill to deliver immediate support to American businesses and struggling households.
Other countries have also passed significant measures, including Japan, which recently approved approximately $2.2 billion to support the shift of production from China to the home country, as well as, to other strategic ASEAN nations.
At the regional, state, and local levels, governments have launched support programs to directly assist businesses with the retention of employees and to maintain current operations. A recent example was from the Oklahoma City Council as they passed a Small Business Continuity Program which provides cash grants and loan financing to struggling small businesses of no more than 50 full-time employees.
As the crisis moves forward, we expect to see more of these support programs and relief measures to be enacted, including provisions to provide assistance for companies with existing incentives challenged to meet their commitments due to the pandemic.
For the benefit of our global clients, partners, and fellow CoreNet Global members, we’ve developed a comprehensive database of the new economic recovery and emergency relief packages being deployed around the world: https://incentives.hickeyandassociates.com
Jason Hickey, President & CEO, HICKEY