COVID-19 Relief Law - Congress Passes New Stimulus Deal
On Sunday, December 20, 2020, Congress reached a fourth major COVID-19 response bill. Although the legislative language is being finalized, statements from the parties involved in negotiations indicate the agreement includes focused relief for businesses, individuals, and families.
- Increase in the famous Paycheck Protection Program ("PPP") with more than $284 billion for first and second forgivable PPP loans.
- $20 billion for additional grants under the Economic Injury Disaster Loan Program.
- Provision of a tax credit to support employers offering paid sick leave.
- Extension and improvement of the Employee Retention Tax Credit.
- A new round of direct payments worth up to $600 per adult and child (subject to a phase out beginning at $75,000 fully phased out at $87,000).
- $25 billion in rental assistance for families and an extension of the eviction moratorium.
- Strengthening of the Earned Income Tax Credit and Child Tax Credit.
- Extension of Unemployment Insurance (UI) benefits and addition of a $300 UI enhancement for individuals out of work.
- $13 billion in increased Supplemental Nutrition Assistance Program and child nutrition benefits.
- $10 billion for child care assistance to help get parents back to work and keep child care providers open.
- $7 billion to increase access to broadband, including a new emergency broadband benefit to help millions of students, families, and unemployed workers afford the broadband they need during the pandemic.
For questions about the new Stimulus bill, contact the Attorneys at Fazzio Law Offices, we're in your corner!
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