A copy of the summary of the current bipartisan proposal for stimulus was obtained from a source through CNN. While the package still remains in flux, House Speaker Nancy Pelosi did indicate that the two sides are close to an agreement. A sampling of topics detailed in the $908 Billion Bipartisan Emergency COVID Relief Act of 2020 via CNN is below as of December 9, 2020.
- Support for State, Local and Tribal Governments
- Unemployment Assistance
- Paycheck Protection Program and Small Business
- CDFI / MDI Community Lenders
- Transportation Funding
- Supporting Health Care Providers
- Vaccine Development & Distribution
- Testing and Tracing
- Education Funding
- Student Loans
- Rental Assistance
- Agricultural Assistance and Fisheries
- Child Care Providers
For a detailed look at the provisions related to the topics listed above, we encourage you to read the entirety of the summary provided by CNN.
It is clear that there is a great deal of pressure on Congress to get a package passed prior to leaving on their holiday recess. However, there remains no guarantee that the two sides will be able to overcome their differences and get a deal done. It is heartening, however, to know that the remaining open issues (state aid, corporate liability protection for Covid-19 and individual stimulus checks) do not include the issue of deductibility of the expenses paid with Paycheck Protection Program loan proceeds. If passed, such a provision would be very welcome news for PPP loan borrowers.
We will, of course, continue to monitor developments and post to our website as significant events occur. In the meantime, should you have questions or comments, please contact Bob Grossman or Don Johnston.