After months of discussions, Congressional leaders have agreed to another bipartisan COVID-19 stimulus package. Members of Congress are set to vote Monday afternoon on a roughly $900 billion relief bill. The Trump Administration has also indicated support.

While details are still being released, we have confirmed the bill includes additional small business relief, clarification on expense deductibility, unemployment insurance, direct payments to individuals, and funding for education and vaccine distribution. A summary of those items can be found below. In addition to the relief package, Congress will also vote to fund the federal government until October 1 of next year.

The relief package incorporates issues the Economic Alliance has advocated for important to our members, and we will continue to update you as the financial assistance application process and other details become available. The Economic Alliance Team stands available to answer your questions regarding the legislation, as well as guide you through the assistance application process.
Barbra Solberg, Public Policy Strategist
bsolberg@cedarrapids.org | (319)730.1426

Mike Lukan, Local Business Project Specialist
mlukan@cedarrapids.org | (319) 730-1403

Laura Thomas, Research and Analytics Specialist
lthomas@cedarrapids.org | (319) 730-1406
Small Business Assistance:
Over $300 billion for the small business reliefAllows for the hardest hit businesses, including restaurants to receive a second forgivable Paycheck Protection Program (PPP) loan, who meet the revenue loss eligibilityBusiness expenses paid for with proceeds of PPP loans are tax deductible with some limitations Forgiveness process is simplified for borrowers with PPP loans of $150,000 or lessExtends the Employee Retention Tax CreditsSets aside funding to ensure businesses with 10 or fewer workers, small community lenders and underserved communities needs are meet Re-opens the Economic Injury Disaster Loan (EIDL) for targeted grants

Unemployment Insurance & Direct Payments:
Extends pandemic unemployment insurance that was set to expire at the end of the year through mid-March 2021$300 per week for federal supplemental unemployment insurance benefits until mid-March 2021One-time check of $600 for individuals making up to $75,000 per year and $1,200 for couples making up to $150,000 per year, as well as a $600 payment for each child dependent

Healthcare:
$20 billion for vaccines and therapeutics, $9 billion to the CDC and states for vaccine distribution and more than $3 billion for the strategic national stockpile$22 billion states, for testing, tracing and mitigation programs, including set aside grants for underserved areas$4.5 billion in mental health funding, $9 billion in support for health care providers, and more than $1 billion to research COVID-19

Education & Childcare:
$82 billion for state education emergency funds that includes higher ed, private and public K-12 schools $10 billion for child care providers and assistance to familiesExtends the student loan forbearance provision through April 2021

Transportation & Infrastructure:
$7 billion in grants to states to help expand access to broadbandExtends the Payroll Support Program (PSP) through March 2021 with funding going toward frontline aviation worker wages and benefits$45 billion for state highways, airports, airlines, private motor coach and school bus industries, public transit systems
To learn more about what this new bill could mean to your business, register here for a Small Business Webinar hosted by the US Chamber of Commerce.

Tuesday, December 22
1:00 pm - 1:45 pm CT
Click here to register for this complimentary event.

Presenters include U.S. Chamber Executive Vice President and Chief Policy Officer, Neil Bradley, who will provide insider knowledge on the new relief provisions for small businesses and give advice on how to take advantage of federal aid funds. There will also be an opportunity to ask pressing questions most important to you.
MORE BUSINESS RESOURCES ON COVID-19


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