COVID-19 Relief Bill Passes
The COVID-19 Relief Bill, tied to a $1.4 trillion resolution to fund the government through September 2021 was signed into law Sunday night.
Key provisions included:
- PPP loans are available to first-time qualified borrowers and, for the first time, to businesses that previously received a PPP loan. Specifically, previous PPP recipients may apply for another loan of up to $2 million, provided they:
- Have 300 or fewer employees
- Have used or will use the full amount of their PPP loan
- Can show a 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019
- PPP loans now available to Sec. 501(c)(6) businesses, such as chamber of commerce, visitors' bureaus and destination marketing organizations, provided they have 300 or fewer employees and do not receive more than 15% of receipts from lobbying.
- Shuttered live venues, independent movie theaters, and cultural institutions will have access to $15 billion in dedicated funding
- $12 billion will be set aside to help business in low-income and minority communities.
- $120 billion will provide workers receiving unemployment benefits a $300 per week supplement from Dec. 26 until March 14, 2021.
- $25 billion in emergency rental aid and an extension of the national eviction moratorium through Jan. 31, 2021.