Congress Approves New COVID Relief Bill

The bill extends aid to millions of struggling households through stimulus checks, enhanced federal unemployment benefits, and money for small businesses, schools and child care, as well as for vaccine distribution. 
The $900 billion package passed yesterday will offer a lifeline to businesses through the winter. Specific highlights of importance to small businesses include:

  • The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, which includes $285 billion to extend the Paycheck Protection Program and offer additional targeted relief to certain businesses, including:
  • Eligibility for PPP loans for 501(c)6 organizations and Destination Marketing Organizations.
  • Second draws of PPP loans for small businesses and non-profits demonstrating a 25% reduction in revenue to a comparable quarter in 2019.
  • Streamlined forgiveness for loans under $150,000.
  • Expanded eligibility of COVID-19-specific expenses for forgiveness, including outdoor seating, drive-thru windows, and PPE
  • Dedicated $15 billion for grants to live music and entertainment venues.
  • The legislation includes $600 stimulus checks per person, including adults and children. That means a family of four would receive $2,400, up to a certain income threshold.
  • Congress will extend unemployment benefits of up to $300 per week. The bill also extends Pandemic Unemployment Assistance — which targets part-time and gig workers who did not qualify for state unemployment insurance benefits.
  • The agreement extends until Jan. 31 a moratorium on evictions that was slated to expire at the end of the year and the bill also includes $25 billion in emergency assistance to renters.
Please see our COVID-19 Business Resources website for a comprehensive list of resources.

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