New COVID Relief Bill

| by Chris Compton

On Sunday evening, President Donald Trump signed into law the $908 billion COVID-19 relief bill passed on December 21 by Congress.

This new legislation is referred to as the Consolidated Appropriations Act, 2021.  The new COVID-19 relief package is tied to a $1.4 trillion resolution to fund the government through September 2021.  You can see the bill here.

Some of the key provisions of the bill include:

  • Stimulus checks – The bill provides $166 billion for economic impact payments of $600 for individuals making up to $75,000 per year and $1,200 for married couples making up to $150,000 per year, as well as a $600 payment for each child dependent.
  • Unemployment assistance – The new package includes $120 billion to provide workers receiving unemployment benefits a $300 per week supplement from Dec. 26 until March 14, 2021.
  • Payroll Protection Program – The new bipartisan law will add $284 billion to the Paycheck Protection Program for small business forgivable loans. The legislation will target aid for businesses especially hard hit by closures, including nonprofits, restaurants and live venues and other monies to aid small businesses impacted.
  • Eviction ban and renters assistance – The new law extends the national eviction moratorium to January 31 and provides $25 billion in emergency rental aid.
  • Transportation funding – There is $45 billion in transportation funding in the new bill including $16 billion for airlines.
  • COVID vaccine – The relief package will provide $16 billion for vaccine development and distribution, along with funding for COVID testing and tracing efforts.

More information about the new COVID relief bill that may be of benefit to you:

ECFA – Congress Passes COVID-19 Emergency Relief Package

Journal of Accountancy – COVID-19 relief bill addresses key PPP issues

This text is provided with the understanding that the Board of Retirement is not rendering legal, accounting, or other professional advice or service. Professional advice on specific issues should be sought from an accountant, lawyer, or other professional.