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Congress Approves COVID-19 Emergency Relief Package

Dec 21, 2020

Congress has announced that they have come to an agreement on a new Covid-19 Emergency Relief Package including $325 billion in assistance for small businesses and nonprofit organizations.  $284 billion will be available in forgivable PPP Loans available through community-based lenders and will expand PPP eligibility for nonprofits.  Businesses will have through March 31, 2021 to apply for extended PPP loans as long as the have 300 or fewer employees and can demonstrate a loss of 25% of gross receipts in any quarter during 2020.  Small businesses in the restaurant and hospitality industries can also expect a larger award than last go around. 

Another $20 Billion is being allocated to new EIDL Grants for businesses in low-income communities, $3.5 billion for an expansion of SBA Debt relief payments and $2 billion for enhancements to SBA lending. The hard-hit entertainment industry including live venues, movie theaters and cultural institutions will have $15 billion dedicated to them.   

The transportation industry also received its own funding of $45 billion.  This funding will go towards helping school bus and private motor coach companies as well as the airports, Amtrak and ferries.  Childcare also received funding of $10 billion which includes funds for childcare providers who need help covering their increased operating costs due to the pandemic. 

References : COVID-19 Emergency Relief Package Topline Summary of New Agreement

                  Senator Schumer Overview of Small Biz Loans