NAA SUMMARY ON BIDEN COVID RESOURCE PLAN

COVID-19 RESOURCES , LEGAL ISSUES , NEWS ARTICLES ,
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.
Housing -
  • 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.
Labor/Family Support
  • 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.

VIEW ONE PAGE SUMMARY


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.

NAA PROVIDES SUMMARIES ON RELIEF PACKAGE

NAA has created several summaries regarding the latest relief package including:
COVID Relief Bill Executive Summary:
Full Summary: Consolidated Appropriations Act of 2021:
Important Tax Provisions for Apartment Firms: