Congress passed a new stimulus bill with $900 billion in funding designed to support economic activity as the United States continues to recover from the economic impacts of the COVID-19 pandemic.
Highlights of the New Assistance are the Following
- $284 billion in new loans through the Paycheck Protection Program (PPP), and $20 billion in new grants through the Economic Injury Disaster Loan (EIDL) program.Businesses that received the PPP may apply again, and the PPP application process is extended through March 31, 2021.The New York State Small Business Development Center (SBDC) will be holding webinars on the application process as soon as more detailed information is available.
- $600 stimulus payments will be made by the Federal government to all adults and dependent children of individuals under the age of 18 whose adjusted gross income is $75,000 or less, and couples whose adjusted gross income is $150,000 or less.The method of payment will be the same as the first stimulus check, and likely will be completed by January 15, 2021.
- Pandemic Unemployment Assistance (PUA) and Pandemic Emergency Unemployment Compensation (PEUC) are extended for 11 weeks from December 26, 2020 to March 14, 2021, and the maximum number of weeks is increased from 39 to 50 weeks. PEUC is expanded by $300 per week for the same 11 weeks.
- $15 billion is also set aside for funding for live venues, independent movie theaters and cultural institutions. Application information will be forthcoming.
- There is additional funding for rental assistance, vaccines, transportation, child care and food benefits through the Supplemental Nutrition Assistance Program (SNAP). There also are broadband subsidies for low-income users and rural areas needing service upgrades.
As soon as the President signs the bill and it becomes law, the provisions of the act will begin to take effect.