Federal Stimulus Package Update

Federal Stimulus Package Update
You may have heard or read over the weekend that Congressional leaders have reached an agreement on a $900 billion coronavirus relief bill. While the legislation has not been passed or signed into law yet, here are some highlights:
·        Stimulus Checks: A second round of direct payments up to $600 per adult and per child.
·        PPP Extension: Additional $284 billion, and allows for a second loan.
·        Small Businesses: $20 billion for businesses in low-income communities and $15 billion for struggling live venues, movie theaters and museums.
·        Tax Breaks: Allows businesses to deduct expenses associated with their forgiven PPP loans, in addition to expanding the employee retention credit intended to prevent layoffs. Increases the Earned Income Tax Credit and extends a payroll tax subsidy for employers offering workers paid sick leave.
·        Education: Allocates $82 billion for schools and colleges to help them reopen classrooms and prevent virus transmission.
·        Virus Testing: Allocates $20 billion for the purchase of vaccines, $8 billion for vaccine distribution, $20 billion for states to conduct testing and $20 billion in extra federal relief for health care providers.
·        Unemployment Assistance: Unemployment claimants can receive an extra $300 per week through March 14. Employment benefits will also be extended for self-employed individuals, gig workers and those who’ve exhausted their state benefits.
We will send more information when the package becomes law.

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