This week, Congress passed the Coronavirus Response and Relief Supplemental Appropriations Act. The $900 billion package includes:
- $284 billion for the Paycheck Protection Program (PPP) and an extension of PPP through March 31, 2021. Certain 501(c) (6) organizations are now eligible for PPP.
- $3.5 billion to resume debt relief payments of principal and interest (P&I) on small business loans guaranteed by the SBA under the 7(a), 504 and microloan programs.
- Extension and expansion of the Employee Retention Tax Credit (ERTC).
- An additional $300 per week to supplement all state and federal unemployment benefits.
- Full federal financing of state work-share programs.
- One-time direct payments of $600 for individuals earning up to $75,000 and $1,200 for couples making up to $150,000, as well as an extra $600 per eligible child dependent.
To view a more detailed summary of the bill, click here .
We will communicate the details of the bill and access to the assistance as more information becomes available.