NAA SUMMARY ON BIDEN COVID RESOURCE PLAN
Date postedJanuary 15, 2021
Yesterday, President-elect Biden released summary information on his “American Rescue Plan: Emergency Legislative Package to Fund Vaccinations, Provide Immediate, Direct Relief to Families Bearing the Brunt of the COVID-19 Crisis, and Support Struggling Communities.” This is the new Administration’s proposal for COVID relief. The package is wide-ranging, but here are some of the big ticket items:
Individual Assistance -
- Provide for an addition $1,400 in individual checks to complement the $600 provided through the COVID legislation passed at the end of 2020.
- Extend and expand unemployment insurance benefits with a $400 per week supplement.
- Extend financial assistance for workers who have exhausted their regular unemployment compensation benefits.
- Extend financial assistance for unemployed workers who do not typically qualify for unemployment compensation benefits.
- Fully fund states’ short-time compensation programs and additional weeks of benefits.
- Extend the eviction and foreclosure moratoriums and continue applications for forbearance on federally-guaranteed mortgages until September 30, 2021.
- Fund legal assistance for renters facing eviction or foreclosure.
- Fund an additional $25 billion in rental assistance to provide much-needed rental relief, especially for low- and moderate-income households who have lost jobs or are out of the labor market.
- Deliver $5 billion in emergency assistance to help secure housing for people experiencing or at risk of homelessness.
- Raise the minimum wage to $15 per hour.
- Expand child care assistance to help millions of families and help parents return to work.
- Increase tax credits to help cover the cost of childcare.
RELIEF PACKAGE INCLUDES NEW ROUND OF PPP
The recently passed Consolidated Appropriations Act of 2021 provides a new round of PPP & simplified loan forgiveness for loans received under $150,000. View the summary created by USA today of small business resources that are available in the new COVID relief package.