Congress Agrees to Covid Relief Package

Lawmakers have agreed to a $900 billion Covid-19 relief package intended to help businesses and individuals and provide money to deliver vaccines. Some of the key components of the proposed legislation:

  • This legislation would extend aid by providing another round of stimulus checks. Adults earning less than $75,000 will receive a $600 check, and couples who earn less than $150,000 will receive $1,200. The stimulus checks would also provide $600 per child, meaning a family of four could receive $2,400 up to a certain income. The IRS will again use the 2019 tax return. Payments are expected to start being received next week.
  • Unemployment benefits, which were to expire at the end of this month, will continue at the amount of $300 weekly.
  • The eviction moratorium will be extended one month.
  • The measure sets aside $284 billion towards forgivable small business loans under the PPP program. This loan forgiveness applies if you can show the proceeds went to payroll. Amounts that are not forgivable must be repaid at an interest rate of 1 percent.
  • Small businesses with less than 300 employees that took a PPP loan and saw revenues drop by 25% will be able to take a second loan. The maximum amount eligible is $2 million. Congress will also allow business owners to claim tax deductions for expenses covered by the PPP loan.
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