On Monday, December 21, 2020, the Senate approved a massive emergency economic relief package, government funding, and tax cuts designed to counter the effects of the pandemic and stimulate economic growth. The legislation, introduced as a 5,593-page bill, was passed with a 92 to 6 vote following weeks of intense negotiations.<\/p>\n
Efforts to pass economic relief measures in the weeks leading to the presidential election had failed despite numerous attempts. But after the election, a bipartisan group of lawmakers teamed up and successfully negotiated for action to spur economic activity by helping businesses and consumers.<\/p>\n
The $900 billion economic relief stimulus includes direct payments for qualifying adults and children, economic assistance for struggling small businesses, including more than $284 billion for forgivable Paycheck Protection Program loans and $15 billion for theaters, cultural institutions, and other venues and $300 per week for enhanced Unemployment Insurance benefits.<\/p>\n
What is inside the $900 billion stimulus package?<\/strong><\/p>\n The bill extends aid to millions of households and businesses hammered by COVID. The aid is given through stimulus checks, enhanced federal unemployment benefits, and money for small businesses, childcare, and schools. It also covers the funding for free vaccination that will be distributed across states. Additionally, the package will repurpose $429 billion in unused funding provided by the Cares Act for Emergency lending programs run by the Federal Reserve.<\/p>\n Let’s look at the key details of the bill as it relates to our business community and economy:<\/p>\n Stimulus check<\/strong><\/p>\n Jobless benefits<\/strong><\/p>\n The legislation extends unemployment benefits of up to $300 per week.<\/p>\n Relief for business<\/strong><\/p>\n School funding<\/strong><\/p>\n\n
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