Trump signs Economic Relief Legislation, 2nd PPP included

From Staff & Wire Reports

WEST PALM BEACH, Fla. (AP) — President Donald Trump signed a $900 billion pandemic relief package Sunday, ending days of drama over his refusal to accept the bipartisan deal that will deliver long-sought cash to businesses and individuals and avert a federal government shutdown.

The massive bill includes $1.4 trillion to fund government agencies through September and contains other end-of-session priorities such as money for cash-starved transit systems and an increase in food stamp benefits.

In addition, according to ASA’s Washington, D.C. office:

The stimulus legislation includes $300 billion in funds to the Small Business Administration (SBA) for the reauthorization of the Paycheck Protection Program (PPP) providing a second round of loans to small businesses struggling due to the pandemic. Businesses with less than 300 employees that are able show demonstrated losses this year compared to 2019 are eligible for a second forgivable PPP loan. Additionally, loans of less than $150,000 will be evaluated for forgiveness through a simple, one-page loan forgiveness application document. To read more about the requirements for a PPP loan, click here to see the SBA website, or here to read the bill text.

In addition to relief funds for small businesses, this legislation also includes a second round of direct individual stimulus payments. Individuals with an income less than $75,000/year will be eligible for payments of a maximum of $600.

Meanwhile, the Associated Press is reporting:

Trump announced the signing in a statement Sunday night that spoke of his frustrations with the COVID-19 relief for including only $600 checks to most Americans instead of the $2,000 that his fellow Republicans rejected. He also complained about what he considered unnecessary spending by the government at large. But Trump’s eleventh-hour objections created turmoil because lawmakers had thought he was supportive of the bill, which had been negotiated for months with White House input.

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U.S. Congress passes Economic Relief Legislation

2nd PPP included in the bill. 

By Madi Hawkins / ASA

WASHINGTON, D.C. – The U.S. Congress passed the $900 billion COVID-19 Economic Stimulus Relief Act today. This legislation, which passed along with the $1.4 trillion FY21 budget package, is the second largest stimulus package ever passed, behind the CARES Act, which was passed in March of this year.  The bill now goes to the President for signature. President Trump is expected to sign the legislation.

The stimulus legislation includes $300 billion in funds to the Small Business Administration (SBA) for the reauthorization of the Paycheck Protection Program (PPP) providing a second round of loans to small businesses struggling due to the pandemic. Businesses with less than 300 employees that are able show demonstrated losses this year compared to 2019 are eligible for a second forgivable PPP loan. Additionally, loans of less than $150,000 will be evaluated for forgiveness through a simple, one-page loan forgiveness application document. To read more about the requirements for a PPP loan, click here to see the SBA website, or here to read the bill text.

In addition to relief funds for small businesses, this legislation also includes a second round of direct individual stimulus payments. Individuals with an income less than $75,000/year will be eligible for payments of a maximum of $600.

ASA is committed to assisting shops as they navigate these unprecedented times. News and information will be posted on the Taking the Hill portion of the ASA site as it breaks.

To visit the Taking the Hill home page, click here.

To read a summary of the bill, click here.

To read the full bill text, click here.

Madi Hawkins serves as a Legislative Analyst in the Automotive Service Association’s Washington, D.C. office.  She is a graduate of Vanderbilt University with a major in Public Policy Studies.  Madi is originally from Austin, Texas, where she was born and raised, but now resides in Washington, D.C.