Chamber Update 12.22.2020 - Stimulus and Support

INFORMATION YOU NEED TODAY AND TOMORROW

Senate and House Submit 5,593-Page Spending Bill to President Trump for Enactment

excerpts from an article by Jeff Stein and Mike DeBonis of the Washington Post

Included in legislation approved by the Senate late Monday, is a package of emergency economic relief, government funding and tax cuts. The Economic Relief portion of the legislation totals $900 billion, but the bill also funds federal agencies through September 2021 and extends tax breaks for numerous businesses for at least the next year.

Some highlights include:

$325 billion in business relief including approximately $275 billion for a second round of Paycheck Protection Program funding with inclusion of eligibility for nonprofit organizations and news outlets as well as an emphasis on service to small businesses, nonprofit organizations and independent restaurants

Businesses that received forgiveable PPP loans will be allowed to deduct the costs covered by those loans on their federal tax returns

$15 billion for the entertainment industry including independent movie theaters, entertainment venues, music clubs and cultural institutions

Extension of Federal Unemployment benefits of up to $300 per week and an extension of the Pandemic Unemployment Assistance program for part-time and gig worker

$45 billion for transportation including state transportation departments and Amtrak

$82 billion for schools

$8.5 billion for vaccine distribution

$13 billion for an expansion of food stamps

$600 direct stimulus payments to Americans who earned less than $75,000 in the preceding tax year

Emergency rental assistance and eviction moratoriums

Money for vaccine distribution including $20 billion for purchase of vaccines, $8 billion for distribution and $20 billion to assist states with testing

Read complete Washington Post article

Highlights of $465M COVID Relief Package Passed By Michigan Legislators

Michigan Relief is in Addition to Relief Package Passed by Feds

Excerpts taken from Bridge Michigan article by Jonathan Oosting.

The spending plan exceeds the $100 million Governor Whitmer requested from legislators and includes a total of $340 million for continued COVID-19 response activities including testing, mobile response initiatives, supplies, vaccine distribution, hazard pay for direct care workers and tachers, and grants for small businesses.

The plan includes:

$55 million for grants of up to $20,000 for businesses fully or partially closed because of state health orders.

$3.5 million for grants of up to $40,000 for live music and entertainment venues closed.

$45 million for grants that would pay up to $1,650 per worker at those companies that were either fully or partially closed during the pandemic.

Once signed by Governor Whitmer, the state would deposit another $220 million into the Unemployment Compensation Fund to pay for a continued extension of jobless benefits from the standard 20 weeks to 26 weeks through the end of March.

The Michigan House and Senate both also approved legislation that will prohibit residential water shutoffs through the end of March.

Read complete Bridge article

New: Guide to Small Business COVID-19 Emergency Loans

The U.S. Chamber of Commerce creates new Guide to provide members with the latest information and answers to FAQs regarding the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) Program.

As part of an end-of-year pandemic relief package, Congress has passed several changes to the Paycheck Protection Program (PPP) and created a “Second Draw” PPP for small businesses who have exhausted their initial loan. Other changes impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans.

Congress has also made changes to other programs – including Economic Injury Disaster Loans (EIDL Program), the Employee Retention Tax Credit, a Venue Grant program, and SBA loan programs –that will benefit small businesses.

The U.S. Chamber's new Guide to Small Business COVID-19 Emergency Loans will be continuously updated as additional information becomes available.

View Guide to Small Business COVID-19 Emergency Loans

Resources for Business and the Community

The Saginaw County Chamber of Commerce maintains a list of federal, state, and local resources that provide aid and information for your business, employees and our community during the COVID-19 (Coronavirus) pandemic. This information is constantly changing. Please check the Chamber's website, Facebook, and your email frequently.

We will add links, resources, and updates as information becomes available. Please let us know what your business is doing and how you are functioning during this uncertain time. We need to stay connected and support each other.

Reopening Plan Templates, Playbooks, and Best Practices can be found on the Saginaw Chamber/Saginaw Future joint Reopening Business Playbook page.

If you are offering a service to help the Saginaw County Community or local businesses weather this storm, please email your information to info@saginawchamber.org.

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