Congress agreed on a $908 billion second stimulus package. The package includes:
Unemployment insurance ($120 billion). Revives supplemental federal pandemic unemployment benefits but at $300 per week — through March 14 — instead of the $600 per week benefit that expired in July. Extends special pandemic benefits for “gig” workers and extends the maximum period for state-paid jobless benefits to 50 weeks.
Direct payments ($166 billion). Provides $600 direct payments to individuals making up to $75,000 per year and couples making up to $150,000 per year — with payments phased out for higher incomes —- with $600 additional payments per dependent child. In March under the CARES Act, it was $1,200 and $2,400, respectively, and $500 per dependent child.
Paycheck Protection Program ($284 billion). Revives the Paycheck Protection Program, which provides forgivable loans to qualified businesses. Especially hard-hit businesses that received PPP grants would be eligible for a second round. Ensures that PPP subsidies are not taxed.
Vaccines, testing, health providers ($69 billion). Delivers more than $30 billion for procurement of vaccines and treatments, distribution funds for states, and a strategic stockpile. Adds $22 billion for testing, tracing and mitigation, $9 billion for health care providers, and $4.5 billion for mental health.
Schools and universities ($82 billion). Delivers $54 billion to public K-12 schools affected by the pandemic and $23 billion for colleges and universities; $4 billion would be awarded to a Governors Emergency Education Relief Fund; nearly $1 billion for Native American schools.
Rental assistance ($25 billion). Provides money for a first-ever federal rental assistance program; funds to be distributed by state and local governments to help people who have fallen behind on their rent and may be facing eviction.
SNAP Food/farm aid ($26 billion). Increases SNAP benefits by 15% for six months and provides funding to food banks, Meals on Wheels and other food aid. Provides an equal amount ($13 billion) to farmers and ranchers.
Child Care ($10 billion). Provides $10 billion to the Child Care Development Block Grant to help families with child care costs and help providers cover increased operating costs.
Postal Service ($10 billion). Forgives a $10 billion loan to the Postal Service provided in earlier relief legislation.
Transportation ($45 billion). Includes $4 billion for the MTA, $15 billion for airline payroll support, $10 billion for state highways, another $2 billion for airports and related businesses, and $1 billion for Amtrak.
Arts & Entertainment ($15 billion). Provides $15 billion Live venues and theaters, which have been completely shut down or limited to a fraction of their regular capacity since March. The bill lists eligible businesses as live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators, and movie theater operators.
Employee Retention Tax Credit. Extends the payroll tax credit for paid sick leave and paid family leave through and until March 31, 2021. However, the stimulus bill is silent with respect to extending the FFCRA leave framework itself. Based on this, although employers will not be required to provide employees with paid sick or family leave after December 31, 2020, if they choose to allow employees to take leave for a COVID-19 related reason under the FFCRA framework between January 1 and March 31, 2021, they may still claim the payroll tax credit.
*Please note, all this is subject to Change...
Unemployment insurance ($120 billion). Revives supplemental federal pandemic unemployment benefits but at $300 per week — through March 14 — instead of the $600 per week benefit that expired in July. Extends special pandemic benefits for “gig” workers and extends the maximum period for state-paid jobless benefits to 50 weeks.
Direct payments ($166 billion). Provides $600 direct payments to individuals making up to $75,000 per year and couples making up to $150,000 per year — with payments phased out for higher incomes —- with $600 additional payments per dependent child. In March under the CARES Act, it was $1,200 and $2,400, respectively, and $500 per dependent child.
Paycheck Protection Program ($284 billion). Revives the Paycheck Protection Program, which provides forgivable loans to qualified businesses. Especially hard-hit businesses that received PPP grants would be eligible for a second round. Ensures that PPP subsidies are not taxed.
Vaccines, testing, health providers ($69 billion). Delivers more than $30 billion for procurement of vaccines and treatments, distribution funds for states, and a strategic stockpile. Adds $22 billion for testing, tracing and mitigation, $9 billion for health care providers, and $4.5 billion for mental health.
Schools and universities ($82 billion). Delivers $54 billion to public K-12 schools affected by the pandemic and $23 billion for colleges and universities; $4 billion would be awarded to a Governors Emergency Education Relief Fund; nearly $1 billion for Native American schools.
Rental assistance ($25 billion). Provides money for a first-ever federal rental assistance program; funds to be distributed by state and local governments to help people who have fallen behind on their rent and may be facing eviction.
SNAP Food/farm aid ($26 billion). Increases SNAP benefits by 15% for six months and provides funding to food banks, Meals on Wheels and other food aid. Provides an equal amount ($13 billion) to farmers and ranchers.
Child Care ($10 billion). Provides $10 billion to the Child Care Development Block Grant to help families with child care costs and help providers cover increased operating costs.
Postal Service ($10 billion). Forgives a $10 billion loan to the Postal Service provided in earlier relief legislation.
Transportation ($45 billion). Includes $4 billion for the MTA, $15 billion for airline payroll support, $10 billion for state highways, another $2 billion for airports and related businesses, and $1 billion for Amtrak.
Arts & Entertainment ($15 billion). Provides $15 billion Live venues and theaters, which have been completely shut down or limited to a fraction of their regular capacity since March. The bill lists eligible businesses as live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators, and movie theater operators.
Employee Retention Tax Credit. Extends the payroll tax credit for paid sick leave and paid family leave through and until March 31, 2021. However, the stimulus bill is silent with respect to extending the FFCRA leave framework itself. Based on this, although employers will not be required to provide employees with paid sick or family leave after December 31, 2020, if they choose to allow employees to take leave for a COVID-19 related reason under the FFCRA framework between January 1 and March 31, 2021, they may still claim the payroll tax credit.
*Please note, all this is subject to Change...
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