12/21/2020
December 20, 2020
A new $900 billion Coronavirus Economic Relief Agreement has finally been reached between the White House, the Senate and the House of Representatives and it will be passed along with the FY 2021 Omnibus Appropriations bill to keep the government running through September 2021.
Exact details of the bills are not yet available, but highlights will be provided in a joint press release issued by Speaker of the House Nancy Pelosi and Senate Democratic Leader Chuck Schumer.
Relief Package Highlights Include:
• Second round of direct IRS stimulus checks at $600/person (phasing out after $75K income for single filers and $150K for joint filers)
• Extension of Unemployment Benefits for 11 weeks with an additional $300/week
• $284 billion for first and second round PPP loans
• $15 billion to support live entertainment venues & cultural institutions (A brand new funding program that we advocated for to support the cultural sector!)
• $20 billion to replenish new EIDL loans through SBA
• $25 billion in rental assistance and eviction moratorium extension
• $7 billion broadband internet access across the country
• $13 billion for SNAP food assistance programs
• $82 billion for education & expansion of Pell Grants; $10 billion for childcare
• Funds for speedy, equitable and free vaccine distribution
This combination of a Coronavirus Economic Relief and Omnibus Spending Bill will be voted on Monday and signed into law shortly thereafter. The Treasury Department will have to develop regulations for most of these programs, so there won’t be a mad rush to apply for these funds until those regulations are promulgated. However, the direct IRS stimulus checks are likely to be administered very quickly without needing to apply for anything.
More details to become available, along with a webinar in January. In the meantime, the holidays just became a little more happier. President-Elect Biden will also likely introduce an additional relief package within the first 100 days of his inauguration on January 20th
