Congress Passes $900 Billion Relief Package
Last night Congress passed their new COVID-19 relief package, which is welcome news to Minnesota's retailers. The bill is now headed to President Trump who is expected to sign the relief package into law.
Below is a summary of the bill courtesy of our friends at the National Retail Federation:
- Provides additional $300 per week for all workers receiving unemployment benefits, through March 14, 2021
- Extends the Pandemic Unemployment Assistance (PUA) program, with expanded coverage to the self-employed, gig workers and others in nontraditional employment
- Provides additional round of Employment Impact Payments 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
- Includes over $284 billion for first and second forgivable PPP loans, dedicated set-asides for very small businesses and lending through community-based lenders; deductibility of PPP expenses
- Extends and expands the refundable Employee Retention Tax Credit (ERTC) through June 30, 2021
- Extends the Work Opportunity Tax Credit (WOTC) for five years
- Allows deduction for expenses of business meals at restaurants for 2021 and 2022
MnRA appreciates Congress's action on support relief. We hope to see pandemic liability relief and local and state aid in future relief packages.