120+ Economists Call On Congress To Pass Sweeping Additional COVID Relief Package

The third piece of supplementary legislation was passed on July 4, 2020, which extended the deadline for small businesses to apply for the PPP from June 30, 2020, to Aug. 8, 2020. When the bill was signed into law, $130 billion of PPP funding remained unallocated. Many businesses that have been severely impacted by coronavirus (COVID-19) qualify foremployer tax credits– the Credit for Sick and Family Leave, the Employee Retention Credit, and Paid Leave Credit for Vaccines.

The Federal Housing Administration extended the deadline to request an initial COVID-19 forbearance to Feb. 28, 2021. The moratorium on foreclosures and evictions is extended through Feb. 28 for single-family FHA-insured loans. We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide Coronavirus Relief Package and the tools we create are objective, independent, straightforward — and free. Despite an initial proposal by President Biden and widespread support from Congressional Democrats, the bill does not include any increase to the federal minimum wage. Sign Up NowGet this delivered to your inbox, and more info about our products and services. “This historic legislation is about rebuilding the backbone of this country,” Biden said before signing the legislation.

The applicant must have an acceptable credit history and be able to repay the EIDL. An EIDL applicant may receive a $10,000 advance payment that is not required to be repaid. Proceeds from an EIDL may be used to pay for ordinary and necessary operating expenses, liabilities, and other bills not able to be paid because of a decrease in revenue.

Institutional Resilience and Expanded Postsecondary Opportunity (IREPO) Grant Program Competition (FIPSE Competitive Grant)

The legislation will also boost provisions to make health care more affordable and expand tax credits to help businesses keep employees on the payroll. The COVID-19 pandemic has exacerbated domestic violence and sexual assault, creating a “shadow pandemic” for many women and girls who are largely confined to their home with their abuser and facing economic insecurity that makes escape more difficult. President Biden is calling for at least $800 million in supplemental funding for key federal programs that protect survivors. Throughout the pandemic, millions of American workers have put their lives on the line to keep their communities and country functioning, including the 40 percent of frontline workers who are people of color. Hard working Americans deserve sufficient wages to put food on the table and keep a roof over their heads, without having to keep multiple jobs. This is why the president is calling on Congress to raise the minimum wage to $15 per hour, and end the tipped minimum wage and sub-minimum wage for people with disabilities so that workers across the country can live a middle class life and provide opportunity for their families. Extend and expand unemployment insurance benefits so American workers can pay their bills.

We must ensure that these payments are not deferred, coming due as soon as the emergency is lifted, but completely suspended. Crack down aggressively on price gougers and hoarders, and use any means necessary to secure supplies. Companies and individuals who are using this crisis as an opportunity to turn a profit at the expense of human lives and public safety will be investigated and prosecuted to the fullest extent of the law. Immediately and forcefully use the Defense Production Act to direct the production of all of the personal protective equipment, ventilators and other medical supplies needed.

Education Provisions

PECIFIED DATE.—The term “specified date” means the date that is 15 business days after the date on which a recommendation is made relating to the immunization as described in such paragraph. HORTAGE.—The term ‘shortage’, with respect to a device, means a period of time when the demand or projected demand for the device within the United States exceeds the supply of the device.”.

• On April 21, 2020, the Senate approved the Paycheck Protection Program and Healthcare Enhancement Act, providing $484 billion in additional funding to the existing Paycheck Protection Program, and President Trump signed it into law three days later.
• OINT RETURNS.—In the case of a refund or credit made or allowed under subsection with respect to a joint return, half of such refund or credit shall be treated as having been made or allowed to each individual filing such return.
• At a time when half of our people are living paycheck to paycheck and must go to work in order to take care of their family, we do not want to see people going to work who are sick and can spread the coronavirus.
• Despite the criticism Massie continued to defend his actions, claiming that the act was full of pork barrel spending and that very little of the total money would actually go to citizens.The House passed the bill on March 27 by a near-unanimous, unrecorded voice vote.
• Black-owned businesses have been shuttered at a higher rate during the pandemic.

President Biden is calling on Congress to extend these and other programs, providing millions of hard-hit workers with the financial security and peace of mind they need and deserve. And, he believes Congress should provide a $400 per-week unemployment insurance supplement to help hard-hit workers cover household expenses. The president is committed to providing these emergency supports to families for as long as the COVID-19 crisis continues and employment opportunities remain limited.

Failing to take additional action will lead to a wave of evictions and foreclosures in the coming months, overwhelming emergency shelter capacity and increasing the likelihood of COVID-19 infections. And Americans of color, who have on average a fraction of the wealth available to white families, face higher risks of eviction and housing loss without critical assistance. With so much uncertainty surrounding the pandemic, extending paid leave until the end of September will help to limit the spread of COVID-19 and provide economic security to millions of working families. Put the requirement back in place and eliminate exemptions for employers with more than 500 and less than 50 employees.

‘Coronavirus Relief Package’ – 30 Video Result(s)

If you didn’t receive a stimulus check and should have, then you are eligible for a Recovery Rebate Credit. You can claim this refundable tax credit when filing your 2021 and/or 2020 tax returns. $40 billion in funds for childcare—$15 billion in childcare assistance, and $25 billion to help childcare providers continue to operate and meet payroll.

$1 billion to expand national service programs to support response and recovery, including tutoring programs in schools and other priorities. In addition, the departmentreleased guidance explaining how states and school districts can meet the requirements for using federal Covid relief money in ways that provide equitable support to schools dealing with concentrated poverty.

• COVID-19 has put enormous pressure on America’s veterans and on the Veterans Health Administration that is charged with providing and facilitating top-notch care for them.
• Waives the requirement that covered medical services include an in-person meeting with a medical professional.
• Millions of Americans, many of whom are people of color, immigrants, and low-wage workers, continue to put their lives on the line to keep the country functioning through the pandemic.
• Due to increased costs and lower enrollment, a recent survey of child care providers showed that most child care providers expect that they will close within a few months without relief or are uncertain how long they can stay open.

The amount of payments made during the covered period on debt obligations that were incurred before the covered period. ROSPECTIVE REPEAL.—Effective on January 1, 2021, section 7 of the Small Business Act (15 U.S.C. 636) is amended by striking “$1,000,000” and inserting “$350,000”. N GENERAL.—Section 7 of the Small Business Act (15 U.S.C. 636) is amended by striking “$350,000” and inserting “$1,000,000”. N GENERAL.—For purposes of making loans for the purposes described in paragraph , a lender under section 7 of the Small Business Act (15 U.S.C. 636) shall be considered to have delegated authority to make and approve loans under such section 7 based on an evaluation of the eligibility of the borrower. Providers and insurers must negotiate acceptable payment for out-of-network doctor, hospital and air ambulance bills incurred during emergency care. In the past, surprise bills could greatly exceed an insurance company’s reimbursement levels, leaving consumers on the hook for the difference.

Tax rebates, tax credits, and tax deductions

RADE SECRETS AND CONFIDENTIAL INFORMATION.—No information discussed as a part of the public meeting under this paragraph shall be construed as authorizing the Secretary to disclose any information that is a trade secret or confidential information subject to section 552 of title 5, United States Code. Stakeholders representing patients and with expertise in the utilization of patient experience data in medical product development. ONITORING UTILIZATION AND OUTCOMES.—A HCPCS code assigned under this clause shall allow for the reliable monitoring of utilization and outcomes of the novel medical product as described in clause . EPORT.—October 1, 2025, the Comptroller General shall submit to Congress a report containing the preliminary results of the study conducted under paragraph , together with recommendations for such legislation and administrative action as the Comptroller General determines appropriate. “ Not later than October 1, 2021, and annually thereafter through October 1, 2025, the Secretary shall publish in the Federal Register a list of the DISARM antimicrobial drugs designated under this subparagraph pursuant to the process established under clause . “ The State allocates the costs of any part of the use such model which is reimbursable under another federally funded program in accordance with OMB Circular A–87 under an approved cost allocation program.

UIDANCE.—Not later than 30 days after the date of enactment of this Act, the Administrator shall provide guidance to lenders under section 7 of the Small Business Act (15 U.S.C. 636) on the deferment process described in this subsection. “ 85 percent of the balance of the financing outstanding at the time of disbursement of the loan, if such balance is less than or equal to $150,000.”. The term “small business concern” has the meaning given the term in section 3 of the Small Business Act (15 U.S.C. 632).

Earlier, the Education Department releasedcomplex guidance for how districts and states can navigate the so-called “maintenance of effort” clause designed to ensure that the federal cash will be used to expand educational opportunities, rather than just replace the state and local dollars that now support schools. The clause appears in all three Covid relief packages, and the guidance sorts outs differences among the pieces of legislation. School construction is an allowable use for Covid relief funds–including new projects, renovations to ventilation systems, and purchasing trailers. But the guidance cautions against large capital projects that will require too much money and entail not only approval from the state but complex requirements for using federal money for such purposes. “Remodeling, renovation, and new construction are often time-consuming, which may not be workable under the shorter timelines,” for the relief aid, which must be obligated by September 2024.

Taxable years of United States persons in which or with which such taxable years of foreign corporations end. Amounts included in gross income of foreign controlled United States shareholders.”. By striking “Paragraph ” in the last sentence and inserting “Paragraphs and ”. PECIAL RULE FOR SHORT TAXABLE YEARS.—No election may be made under clause with respect to any taxable year beginning in 2020 if such taxable year is a short taxable year.”.

Credits & Deductions

“And giving people in this nation, working people, middle-class folks, the people who built this country, a fighting chance.” We’ll be in touch with the latest information on how President Biden and his administration are working for the American people, as well as ways you can get involved and help our country build back better.

Notwithstanding any other provision of law, for a loan made under the authority under this division or an amendment made by this division, there shall be no prepayment penalty for any payment on the loan made on or before December 31, 2020. $10,000,000 under the heading “Department of Commerce—Minority Business Development Agency” for minority business centers of the Minority Business Development Agency to provide technical assistance to small business concerns. ALCULATION OF AVERAGE NUMBER OF EMPLOYEES.—The average number of full-time equivalent employees shall be determined by calculating the average number of employees for each pay period falling within a month. OALS AND METRICS.—Goals and metrics for the funds made available under this subsection shall be jointly developed, negotiated, and agreed upon, with full participation of both parties, between the association or associations receiving a grant under this subsection and the Administrator. A training program to educate resource partner counselors on the resources and information described in subparagraph . UBLIC AVAILABILITY.—The Administrator shall make publicly available the methodology by which the Administrator and resource partners jointly develop the metrics and goals described in subparagraph .

This credit, an extension of the Families First Coronavirus Response Act credits first enacted in March 2020, now includes paid leave for employees to receive the COVID-19 vaccine as qualified sick leave wages eligible for the refundable credit. The plan, his top priority as president, sends direct payments of up to $1,400, extends a $300 per week unemployment insurance supplement, expands the child tax credit and puts funds into vaccine distribution. Leverage $35 billion in government funds into $175 billion in additional small business lending and investment. COVID-19 has put enormous pressure on America’s veterans and on the Veterans Health Administration that is charged with providing and facilitating top-notch care for them. The president is committed to ensuring America delivers on its promise to the people who have served our country.

Some may get a year or more if their state’s programs are particularly generous. But this provision wasn’t intended to cover people who quit because they fear that continuing to work puts them at risk of contracting coronavirus, according to congressional aides. You will also be covered if you were immediately laid off from a new job and did not have a sufficient work history to qualify for benefits under normal circumstances. If you’ve received a diagnosis, are experiencing symptoms or are seeking a diagnosis — and you’re unemployed, partly unemployed or cannot work as a result — you will be covered.

• “ be treated as evidence that such drug or device is misbranded under subsection or of section 502, or in violation of section 505, 513, 515, or 564 of this Act or subsection or of section 351 of the Public Health Service Act, as applicable.
• Throughout the COVID-19 pandemic, first responders, frontline public health workers, and countless other essential workers have risked their lives to keep our communities safe and functioning.
• Direct deposits will start hitting Americans’ bank accounts as soon as this weekend, White House press secretary Jen Psaki said Thursday.
• Amounts collected from eligible businesses that received loans or loan guarantees under paragraph of subsection shall be deposited in the Treasury as miscellaneous receipts.
• “ in the case of a net operating loss arising in a taxable year beginning after December 31, 2017, to each taxable year following the taxable year of the loss.”.
• N GENERAL.—The Administration may provide financial assistance in the form of grants to resource partners to provide education, training, and advising to covered small business concerns.

Members of Congress and education leaders are already contemplating how to support K-12 schools in future stimulus bills. The U.S. Education Department has released estimatesof how much money each state should receive, ranging from $32 million in stabilization funding for K-12 education in Wyoming to $1.6 billion in California.

These payments were sent by direct deposit to a bank account or by mail as a paper check or a debit card.You can check eligibility requirements for stimulus payments on IRS.gov. Several leading economists and experts have advocated for additional aid, as Democrats touted forecasts that the plan would accelerate economic growth, boosting it to levels not seen in recent decades while dramatically reducing the poverty rate. In a near-party line vote of 220 to 211, the US House of Representatives gave final approval to one of the largest emergency rescue packages in American history. The vote sends to Biden’s desk legislation that he said was critical for steering the US towards the end of the Covid-19 pandemic that has already killed more than half a million Americans. Finance Minister Nirmala Sitharaman said the Rs 20 lakh crore package announced by Prime Minister Narendra Modi to help the economy recover from the shocks linked to the coronavirus pandemic will have a “multiplier effect”.

The CARES Act requires that at least 90 percent of the Elementary and Secondary School Emergency Relief Fund flow to local education agencies, with no more than 10 percent reserved for the state agency, and a fraction of that for administrative costs. “In enacting the education funding provisions of the CARES Act, Congress spoke with a clear voice…,” wrote Friedrich, a Trump appointee to the court. “Contrary to the Department’s interim final rule, that cannot mean the opposite of what it says.” Purchasing supplies to sanitize and clean the facilities of a local educational agency, including buildings operated by such agency. Training and professional development for staff of the local educational agency on sanitation and minimizing the spread of infectious diseases. Providing principals and others school leaders with the resources necessary to address the needs of their individual schools. Ananalysisby the Association of School Business Officials International and the Superintendents Association suggests that a typical school district could spend nearly $2 million to reopen schools, given increased need for cleaning and transportation costs.

The report added that “agencies have made only limited progress so far in achieving transparency and accountability goals.” Waives the requirement that covered medical services include an in-person meeting with a medical professional. Allows up to a one-year delay in repayments of outstanding retirement plan loans that are due between March 27, 2020, and December 31, 2020. Afterwards, the loan’s amortization schedule should be revised to reflect the delay and the interest accrued during that period. Payments of student loan principal and interest of by an employer to either an employee or a lender is not taxable to the employee if paid between March 27, 2020, and December 31, 2020.

Without these front line workers, we will not be able to effectively respond to the pandemic, administer the vaccine, or safely reopen our schools. The president is also calling on Congress to allocate $3 billion of this funding to the Economic Development Administration . Grants from EDA provide resources directly to state and local government entities, https://quickbooks-payroll.org/ tribal institutions, institutions of higher education, and non-profits to fund initiatives that support bottom’s up economic development and enable good-paying jobs. This funding – double the amount provided by the CARES Act – will support communities nationwide with a broad range of financial needs as they respond to and recover from COVID-19.

Unemployment Benefits

The president is calling for $20 billion in relief for the hardest hit public transit agencies. This relief will keep agencies from laying off transit workers and cutting the routes that essential workers rely on every day while making these transit systems more resilient and ensuring that communities of color maintain the access to opportunity that public transportation provides. In addition, the president wants to work with Congress to make sure that restaurants, bars, and other businesses that have suffered disproportionately have sufficient support to bridge to the recovery, including through the Community Credit Corporation at the U.S. Partner with restaurants to feed American families and keep restaurant workers on the job at the same time. The FEMA Empowering Essential Deliveries Actwill leverage the resources and expertise of the restaurant industry to help get food to families who need it, and help get laid-off restaurant workers across the country back on the job. Invest $3 billion to help women, infants and children get the food they need.