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