Congress Approves Federal Relief Bill
$900 Billion Pandemic Relief Package includes support for Small Businesses
On Dec. 21, both houses of Congress passed the Coronavirus Response And Relief Supplemental Appropriations Act, ending a months-long stalemate in Congressional response to the pandemic. The president signed the bill on Dec. 27, 2020.
The package passed yesterday will offer a lifeline to businesses through the winter. Specific highlights of importance to small businesses include:
- Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, which includes $285 billion to extend the Paycheck Protection Program and offer additional targeted relief to certain businesses, including:
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Eligibility for PPP loans for 501(c)6 organizations and Destination Marketing Organizations.
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Second draws of PPP loans for small businesses and non-profits demonstrating a 25% reduction in revenue to a comparable quarter in 2019.
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Streamlined forgiveness for loans under $150,000.
Expanded eligibility of COVID-19-specific expenses for forgiveness, including outdoor seating, drive-thru windows, and PPE
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Dedicated $15 billion for grants to live music and entertainment venues.
- The establishment of the Emergency Capital Investment Fund, which provides $12 billion to Community Development Finance Institutions (CDFIs) to provide investments in low to moderate income and minority communities disproportionately impacted by COVID-19.
The full package may have many other provisions relevant to you, your families, and your communities, including direct payments to Americans and the continuation of Pandemic Unemployment Assistance.
Additional Resources for information on the Bill
City of Renton Business Support
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