You may have heard that leaders of the House and Senate have finally agreed on a second stimulus bill comprised of just over $900 Billion in funds with a number of relief efforts for the toll the coronavirus pandemic has taken on the economy. The full text of bill hasn’t been released yet, but here’s what we know so far, if it’s approved as is.
Direct payments to individuals
- $600 per adult and child
- Phased out over $75K (or $150K married)
- Based on latest filling, but will true-up on 2020 return
Unemployment assistance
- Extended through March of 2021
- Federal supplement at $300 per week
Paycheck Protection Program
- 2nd round for employers with fewer than 300 employees AND 25% reduction in revenue
- Restaurants and hospitality can use 3.5X monthly payroll costs
- Simplified forgiveness application for loans under $150K
- Deductibility – uncertain but more likely
EIDL Advance Program
- EIDL advances of less than $10K can reapply for the difference
- No reduction in PPP forgiveness!
Again, we are still waiting on voting and presidential signature for this bill, so details may change. We’ll provide an update as soon as we know more. Stay tuned!
Check out our COVID-19 resource page for more blog posts, videos and helpful information for businesses during the Coronavirus pandemic.
