Congress Passes New COVID-19 Relief Package
December 22, 2020
On Monday, December 21st, Congress passed a new $900 billion COVID-19 relief package included in the Omnibus spending bill for Fiscal Year 2021. As of Wednesday morning, the legislation is awaiting the President’s signature.
Here are a few of the highlights if the legislation is enacted in the form it passed Congress on Monday.
- Extends the CDC eviction moratorium through January 31, 2021 and provides an additional $25 billion in rental assistance that will be distributed through the states.
- Provides for one-time direct payments of $600 for individuals making up to $75,000 and $1,200 for couples making up to $150,000, as well as an extra $600 per eligible child dependent.
- Appropriates $284.45 billion for Paycheck Protection Program loans, allows certain businesses to access a second round of loans, and extends the deadline for PPP “covered periods” through September 30, 2021.
- Allows for deductibility of business expenses paid for with forgiven PPP loans.
For more information on unemployment assistance, broadband expansion, tax extenders, and other provisions of the package, check out the National Association of REALTORS®’ resource page for more details.
*Information as of 12/22/20
You might also like…
2024 Virginia General Assembly Overview
By D.J. Spiker - March 15, 2024
The Virginia General Assembly adjourned ‘sine die’ on Saturday, March 9th, bringing an official end to the 2024 legislative session. This is the first time in recent history… Read More
2024 Legislative Session Update at the Halfway Point
By D.J. Spiker - February 15, 2024
In the General Assembly this week is ‘Crossover’, the legislative halfway point of the Legislative Session. At this stage, a bill that started in the House must be… Read More
Announcing Virginia’s 2023 RPAC Hall of Fame Inductees
By Maura Pratt - February 2, 2024
Virginia REALTORS® celebrates its new inductees to NAR’s RPAC Hall of Fame! The Hall of Fame recognizes members who have made a significant commitment to the REALTORS® Political Action Committee… Read More