CBICC Alert: Details for Businesses & Individuals Contained in new, Federal Coronavirus Relief Bill Passed by Congress and Awaiting President's Signature

2 pm Webinar TODAY to Learn More
Webinar Small Business Update:

2 pm TODAY (Dec. 22, 2020)
Join U.S. Chamber EVP & Chief Policy Officer, Neil Bradley on Tuesday, December 22 at 2:00 pm ET to learn what the new bill could mean for you and your business.

Dec. 22 - Congress Passed Coronavirus Relief Bill
As of 9 am, this bill has been passed by both the Senate and the House of Representatives and is now awaiting the President's signature.

Here are some details of the bill, relevant to businesses and individuals:
Paycheck Protection Program
$284B for another round of small business aid through the Paycheck Protection Program (PPP) forgivable loan program. The new deadline will be March 31, 2021 for PPP loans.

Companies that previously received a PPP loan may qualify for a new one; PPP grants will be tax deductible.

Expanded eligibility for the loans to include nonprofits and local newspapers, along with TV and radio stations.

$15B reserved for live venues, independent movie theaters, and cultural institutions.

Businesses that received PPP loans - and had them forgiven - will be allowed to deduct the costs covered by those loans on their federal tax returns; those costs will be deductible under a final agreement so long as a PPP recipient can show a loss in revenue in 2020 compared to prior years.

Contact your local lending institution, SBA.gov, or Penn State SBDC for more information as it becomes available.
Stimulus Checks
$600 stimulus checks for those making up to $75k.

Households would receive $600 for each adult and $600 for each dependent.

Those with incomes of more than $100,000 would be excluded, as would undocumented immigrants.

Payments could go out as soon as next week.

Dependents who are 17 and older will not be eligible for the $600 direct payments.

Use this calculator to estimate your stimulus check amount:
Unemployment Benefits
$300/week in federally enhanced unemployment benefits through March. These benefits could begin as early as December 27, 2020.

Gig/freelance workers and long-term unemployed insurance programs also extended.

Extend federal payments for those whose regular benefits have expired.
Eviction Moratorium Extension & Rental Assistance
$25B to help families pay their rents.

Extension of eviction moratorium through Jan. 31, 2021.
Schools
$82B for schools and universities to assist with reopening

$2.75B for private K-12 education
Agriculture
$13B for farmers and agriculture

This includes money for the Coronavirus Food Assistance Program for growers, livestock, dairy, and poultry producers.

Funding directed towards programs for new and start-up farmers, dairy producers, dairy processors (reimbursement for donated dairy products), fisheries, ag research, small/medium meat processors, and more.

As more details become available, please contact these offices for more information: Penn State Extension, PA Dept. of Ag., and PA DCED.
Childcare
$10B for child care centers in order to help them safely reopen
Vaccines
$68B to purchase and distribute COVID-19 vaccines, as well as assist states with testing. This funding also covers testing, tracing, and vaccine distribution.

$20B of the funding will go towards ensuring availability of the vaccine for free for those who cannot afford it.
Broadband
$7B to increase access to broadband internet.

A new Emergency Broadband Benefit that could help millions of students' families and unemployed workers afford broadband access that is necessary for work, school, and telemedicine during the pandemic.

$300M for rural broadband build-out

$250M for telehealth
Transportation
$45B for transportation-related programs

This includes:

  • $16B for airline workers' and contractors' salaries
  • $2B for airports
  • $14B for mass transit agencies
  • $10B for highways
CARES Act Spending Extension for State & Local Gov'ts
The deadline will be extended for states and cities to spend the unspent money approved for them by the CARES Act.

The original December 31, 2020 deadline will be extended by a full year, giving local governments more time to spend the funds rather than returning them to the federal government.
NOT included in the bill:
Our community still has much work to do in order to fully recover and the CBICC is here to help keep us moving forward on that path to long-term success and growth.

It is important to note a few items that were not included in the latest legislation:

  • liability protections for businesses
  • funding for state and local governments
Read More:
For additional information and COVID-19 resources for businesses, please visit the CBICC COVID-19 Resource & Response Center:
Let's Connect! Irene Miller Wetzel | irene@cbicc.org | 814-234-1829