NASE News

Congress Finally Approves 2nd Covid Relief Bill

(*Editors note, this article was written on December 21st 2020. As with any ongoing issue, some information may have changed.)

In a last minute deal, Congressional leaders in the Senate and House reached a $900 billion Covid relief bill. The bill which came after months of fractured negotiations that saw House and Senate leaders produce multiple pieces of legislation at vastly different price tags. The key components of the bill are as follows: 

  • Extends the Paycheck Protection Program (PPP) and adds deductibility for PPP expenses
    • Gives businesses experiencing severe revenue reductions an opportunity to apply for a second draw PPP loan
    • Includes 501(c)(6) organizations 
    • $15 billion in funding for entertainment venues, movie theaters, and museums that are experiencing significant revenue loss  
    • Codifies federal rules that ensure churches and faith-based organizations are eligible for PPP loans 
  • Provides for $600 direct payments for both adults and dependents 
  • Temporarily extends a number of unemployment programs created by CARES Act that expire Dec. 31, 2020
    • Provide unemployed individuals an additional $300 per week for 10 weeks from December 26, 2020-March 14, 2021 
    • Extends and phases-out PUA, which is a temporary federal program covering self-employed and gig workers, to March 14 (after which no new applicants) through April 5, 2021
  • $25 billion in temporary and targeted rental assistance for individuals who lost their source of income during the pandemic
    • Extends the eviction moratorium until January 31, 2021

Additionally, Congress will approve year end funding measures that will keep the federal government funded through September 2021, the appropriations includes a few additional items of importance include language to stop surprise billing and makes meals deductible business expense for 2 years. 

Katie Vlietstra is NASE’s Vice President for Government Relations and Public Affairs

Courtesy of NASE.org
https://www.nase.org/about-us/nase_news/2020/12/31/congress-finally-approves-2nd-covid-relief-bill