After a well-debated and long-awaited stimulus deal, lawmakers have finally come to an agreement on a second round of Coronavirus relief. It’s beginning to look a lot like Christmas in Washington DC, and as it turns out, we might just be opening a stimulus package this holiday season.
After passing a one-day stopgap on Sunday—giving lawmakers an additional 24 hours to pass the new deal—both House and Senate reached an agreement. They met Monday to work on the language of the bill and finalize the agreement.
The bill is currently set at a $900 billion price tag with the following details set to be negotiated:
- $600 stimulus payments to those earning $75,000 or under
- $300/week for 11 weeks for continued unemployment benefits
- $69 billion for distribution of COVID-19 vaccine
- $22 billion statewide testing and tracing programs
- $82 billion towards colleges and schools – $25 billion in rental assistance (with an extension on the eviction moratorium established earlier in 2020)
- $15 billion for performance venues (and extend eligibility for nonprofit organizations and )
One of the largest chunks of the budget includes $284 billion allocation for the revival of the Payroll Protection Program for small businesses; the reinstatement of the Loan, dubbed “PPP2,” comes with extended eligibility for more nonprofit organization and local news networks and sources.
Stay up to date with news, announcements, and updates on our DSJCPA COVID-19 Information Center and call our offices at 516-541-6549 to speak with a member of our Coronavirus Response Team (CRT).
Associate, Creative Solutions
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