President Approves Second COVID-19 Stimulus Package
*This article was updated on Dec. 27, 2020 to reflect new developments.
President Trump has signed the coronavirus relief and government funding bill that had previously been approved by lawmakers on Capitol Hill. The bill, which passed both the House and Senate with strong bipartisan votes on Dec. 21, contains $900 billion in coronavirus relief measures for families and businesses struggling amidst the pandemic. Highlights include:
- Up to $600 in direct stimulus payments for qualifying individuals (up to $1,200 for couples), with families eligible to receive additional $600 payments for each child in the household
- $325 billion in small business relief, including $284 billion in forgivable Paycheck Protection Program loan funds which will reopen the PPP with expanded eligibility for nonprofits and allow both previous recipients and new applicants to apply for loans up to $2 million
- $82 billion to support K-12 schools and universities
- $300 in weekly supplemental unemployment insurance payments available to eligible individuals over an 11-week period, along with additional UI relief for individuals who otherwise would not qualify or who have exhausted eligibility for state benefits
- $20 billion to support vaccine purchases and $8 billion to support vaccine distribution
- $20 billion to support COVID-19 testing
- $25 billion in rental assistance and an extension on eviction protection until January 31
- $15 billion in grant funding for live venues, theaters, and museums
- $13 billion to support the Supplemental Nutrition Assistance Program
- $45 billion to fund transportation services and $7 billion to support broadband connectivity
While the NC Chamber team has not yet had time to analyze every detail of the stimulus package, we applaud those members of North Carolina’s congressional delegation who supported bipartisan efforts to negotiate a solution before lawmakers adjourned for the year. As we gain a deeper understanding of these measures in the new year, we will share additional updates about the impacts to your business.