NYAIR Episode 43
CARES Act Update From Washington & Albany
In this vital NY-AIR episode, U.S. Representative Patrick McHenry (Ranking Member, House Financial Services Committee) and NYS Assemblywoman Nicole Malliotakis share real-time insights on policy, Main Street lending, federal/state stimulus, and what it will take to revive business in the wake of COVID-19. Moderated by Robert Akeson, this discussion gives alternatives professionals clarity on relief strategies, economic data, and policy priorities as the crisis continues to reshape markets and communities.
Featured Guests
Patrick McHenry
U.S. Representative (R-NC), Ranking Member, House Financial Services Committee
A Congressional leader on economic policy, capital markets, and regulatory reform, Patrick McHenry has served North Carolina’s 10th District for over a decade. As the Republican Leader on the influential House Financial Services Committee, he is central to COVID-19 relief negotiations—having authored landmark legislation on startup access, crowdfunding, and modernizing investment options. McHenry is recognized for his pragmatic approach to bipartisan solutions and is a driving voice for American businesses and financial system recovery.
Nicole Malliotakis
New York State Assemblywoman, Candidate for U.S. Congress (NY-11)
Representing Staten Island and Southern Brooklyn, Nicole Malliotakis is a leading policy advocate for economic recovery, government accountability, and public safety. As a current Assemblywoman and former candidate for NYC Mayor, she brings hands-on expertise with small business relief, healthcare policy, supply chain management, and tax regulation in New York’s hardest-hit districts. Malliotakis is well-known for her cross-sector constituent outreach and practical, bi-partisan approach to crisis response.
Key Insights From This Episode
Direct Relief for Business and Households: The PPP & Main Street
PPP, EIDL, and Main Street Lending are providing critical access to payroll support, rent relief, and working capital. New fintech partnerships and streamlined application processes are expanding reach and efficacy.
State Fiscal Crisis—A Call for Federal Partnership
New York faces a record deficit from collapsing tax revenue and COVID spending. Fiscal conservatism, smarter spending, and targeted federal support are vital for both immediate relief and a sustainable recovery.
Economic Security and Tax Policy
Expanded tax credits, deferments, and payroll relief under the CARES Act are making a difference, but business owners should consult professionals to optimize these benefits.
Health-Driven Economic Decisions—Safe Reopening
The panel highlights the nuanced, region-specific data guiding phased reopening strategies—emphasizing outdoor work initiatives and construction as first-mover industries.
Rethinking U.S.-China Relations and Supply Chains
Reshoring, domestic supply chain security, and reducing strategic dependence on China are recognized as key next steps for American economic resilience and national security.
Access the Full Conversation
Get the complete episode and download a custom insights deck: frameworks on policy relief, Main Street programs, tax planning, and economic/supply chain adaptation—a must for asset managers, business leaders, and policy advocates.
Soundbites Worth Saving
“This is not a financial crisis — it’s an act of God. Our response has to be as broad, bold, and responsive as the impact.”
— Patrick McHenry
“New York spends nearly twice what states like Florida do with less population—and there’s no rainy day fund. This is a wake-up call for smarter fiscal management.”
— Nicole Malliotakis
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