Stimulus Update: What Does it Mean for You?

(December 27, 2020) Late Sunday evening, President Trump, signed the COVID relief bill into law which includes $900 billion in economic aid and $1.4 trillion in government spending. President Trump said in a statement: “I am signing this bill to restore unemployment benefits, stop evictions, provide rental assistance, add money for PPP, return our airline workers back to work, add substantially more money for vaccine distribution, and much more.”

What does this mean for you, your family, and your business? How will the COVID relief bill affect you?

These are a few highlights:

• Accelerating Free Vaccine Distribution: Provides billions to accelerate the free and equitable distribution of safe vaccines to as many Americans as possible as soon as possible.
• Enhanced Unemployment Insurance Benefits: Extends the expiration of Unemployment Insurance (UI) benefits for millions and adds a $300 per week UI enhancement for Americans out of work.
• Direct Payments to Families: A new round of direct payments to families, the final amount has yet to be determined.
• Strong Support for Small Business: Includes over $284 billion for first and second forgivable PPP loans, expanded PPP eligibility for nonprofits and local newspapers, TV and radio broadcasters, key modifications to PPP to serve the smallest businesses and struggling non-profits and better assist independent restaurants, and includes $15 billion in dedicated funding for live venues, independent movie theaters, and cultural institutions.
• Rental Assistance: Secures $25 billion in critically needed rental assistance for families struggling to stay in their homes and an extension of the eviction moratorium.
• Supporting Paid Sick Leave: Provides a tax credit to support employers offering paid sick leave, based on the Families First framework.
• Nutrition Assistance for Hungry Families: Includes $13 billion in increased SNAP and child nutrition benefits to help relieve the historic hunger crisis that has left up to 17 million children food insecure.

In a previous blog post, we had discussed the eviction moratorium and what it means for you as a landlord, this moratorium was extended through the end of January 2021. If you have questions about this new stimulus package, PPP, tax breaks, or debt relief, call us today. We understand the challenges you are facing and are here to help you through this ever-changing landscape.