U.S. Senate Releases Bill Text for Economic Stimulus Legislation
The U.S. Congress took another step towards reaching a deal on economic stimulus for COVID-19 relief by releasing the legislative text for a $798 billion bill yesterday. This legislation was drafted by the bipartisan group of senators and is part-one of a two-part plan for relief. This plan includes:
- $300 Billion for the Small Business Administration (SBA) to reinstate the Paycheck Protection Program (PPP) and allow small businesses to receive a second forgivable PPP loan.
- Businesses with 300 or fewer employees that have sustained a 30 percent revenue loss in any quarter of 2020 will be eligible
- Forgivable expenses are expanded to include supplier costs and investments in facility modifications and personal protective equipment (PPE) for safe business operation
- Simplified loan-forgiveness process for small loans under $150,000
- Extension of all pandemic unemployment insurance programs by 16 weeks from their expiration at the end of December
- Federal supplemental unemployment insurance benefits expanded by $300/week for 16 weeks
This legislation does not yet have support from the U.S. Senate or U.S. House of Representatives leadership. Negotiations will continue this week before a likely December 18 deadline to get a deal passed and sent to President Trump for final approval.
To read the full bill summary, click here.