COVID-19 Federal Relief
“While the bill has passed through Congress, the President’s signature is pending and expected within days. Below are some important items to know”:
Unemployment Benefits
Additional unemployment insurance benefits have been reinstated through March 14, 2021. Those who are unemployed can file for unemployment insurance benefits and, if qualified, will receive an additional $300 per week for eleven weeks.
Small Business Support
This new bill provides $325 billion to support small businesses. The Paycheck Protection Program, which provides forgivable loans to businesses, will receive $284 billion. Businesses that already obtained PPP grants may be eligible for a second round effective January 13th, 2021.
Direct Payments To Individuals and Families
$600 in direct payments will go to individuals making up to $75,000 per year and couples making $150,000 per year. Payments are phased out for higher incomes, with $600 available in additional payments for each dependent child.
State HealthCare Initiatives
The package also provides $69 billion for states’ healthcare initiatives, including but not limited to vaccine procurement, testing and tracing efforts, healthcare workers, and mental health services.
Rental Assistance Program
Congress will allocate $25 billion in the first-ever federal rental assistance program. Funding will be distributed by state and local governments to help those who have fallen behind on rent and may be facing eviction.
Child Care Grant
The Child Care Development Block Grant will receive $10 billion to help families with childcare costs and assist providers with covering increased operating costs.