Congress Agrees On Stimulus Relief

Congress Agrees On Stimulus Relief

After months of deliberation, Congress reached an agreement yesterday afternoon on another round of relief legislation. The relief bill is expected to be voted on later today along with an omnibus spending bill, with prominent members of Congress confident in its passage. The finer details of the relief will come with the text of the bill, which has yet to be released to the public.

 

Outlines of the bill state that the following will be included:

 

Deductibility of PPP-funded expenses (deductibility may have limitations; waiting on bill text for details)

  • Additional flexibility and simplified forgiveness for 1st round PPP recipients
  • 2nd Round of Paycheck Protection Program (PPP) loans for businesses and nonprofits experiencing decreases in revenue
  • Stimulus checks worth up to $600 for adults and dependents
  • Enhanced unemployment insurance benefits, including an additional $300/week
  • Rental assistance and extension of eviction moratorium
  • Expanded tax credits:
    • Low Income Housing Tax Credit
    • Earned Income Tax Credit
    • Child Tax Credit
    • Employee Retention Credit
    • Sick Leave Credit
  • Extension of expiring tax provisions
  • Deductible business meals
  • Continuation of the Economic Injury Disaster Loans (EIDL) program
  • Funding for vaccine distribution and national testing
  • Funding to provide broadband internet access to students, families, and unemployed workers
  • Funding for colleges and schools
  • Expansion of Pell Grant program
  • Child care assistance
  • Assistance for SNAP and child nutrition benefits
  • Clean energy incentives
  • Transportation industry funding