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Stimulus update: the bill just passed! $600 stimulus checks, $300 unemployment, PPP, EIDL & More!
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What's in the new stimulus bill?
$600 stimulus checks per person and $600 checks for child dependents.
The size of the check decreases for those who earn more than $75,000 per year and hits zero at $99,000 per year AGI.
The checks will still go to those who receive social security, SSI, and SSDI
Jobless benefits. We’re looking at a $300 per week boost that could start as early as December 27 and run through at least March 14th
Right now at least 20 million people are receiving unemployment and this number has been increasing in recent months so it is nice to know that those people are going to see some additional help very soon.
Gig workers will still be eligible to receive this unemployment boost.
Small business relief.
Another round of PPP and business funding in this bill to the tune of $325 billion dollars. $284 billion of that will go directly to the PPP for first and second rounds.
Within the new bill lawmakers have come to a resolution on the first round of PPP loans and its tax consequence. A big issue here cropped up where businesses who received a PPP loan and had it forgiven would have to pay taxes on what they spend this money on.
Under new guidance these costs will be tax deductible as long as the small business has shown a loss in revenue in 2020 compared to years before.
This will result in many thousands of dollars in effective ‘stimulus’ to businesses who are struggling.
$15 billion for movie theaters and cultural institutions that were hit hard by the pandy
Another round of EIDL grants in the amount of $20 billion dollars
A tax credit to help employers who offer sick leave to employees
Rent assistance and eviction moratoriums.
The rent moratorium has been extended for now until January 31st.
$25 billion in emergency rental assistance.
$48 billion dollars to help with virus testing and the purchase and distribution of vaccines that will quote “make the vaccine available at no charge for anyone who needs it,”
$82 billion dollars to go to schools. Part of this will be to help cover HVAC repair and replacement to help reduce the risk of covid infections in classrooms.
$10 billion dollars for child care assistance
$13 billion dollars in going to increased snap benefits through food stamps
$7 billion dollars will go to help increase access and accessibility of broadband internet
$45 billion is going to transportation including $16 billion to airlines through the PSP
$1.4 billion will go to funding for Trump’s border wall construction
There will be no additional aid for state and local governments at this time however there was an extension to the deadlines for previous funding through the Cares Act
There will also be no new liability protections for entities.
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