On Sunday, December 20, Congress approved a $900 billion COVID-19 relief bill. The agreement includes rental relief, additional funding for loans, simplified forgiveness for SBA loans and direct payments to Americans.
The full package includes the following:
- A new round of direct stimulus payments of $600 to most Americans including dependents.
- Extends all unemployment assistance, including the Pandemic Unemployment Assistance (PUA), through April 19, 2021, with a $300 weekly boost in payments through March 14.
- Unemployment benefits are extended to the self-employed.
- Provides an additional $284 billion for Paycheck Protection Program (PPP) loans and $20 billion for Economic Injury Disaster Loans (EIDL) grants.
- Allows certain eligible businesses to receive a second PPP loan.
- Creates a simplified forgiveness process for most PPP borrowers.
- Allows for deductibility of business expenses paid for with PPP funds.
- Provides $25 billion to the states through Sept. 30, 2022, for rental assistance and allows landlords to apply for funds on behalf of tenants.
- Includes payments for rent in arrears as well as utilities and other expenses related to housing.
- Extends federal eviction ban through the end of January.
- Provides $7 billion to states for broadband expansion, including $300 million for rural broadband.
- Provides new money for schools and vaccine distribution.