Tribune-Review
Matt Rourke | Associated Press
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As leaders in Washington come to a new coronavirus relief plan, it would seem the old one had been exhausted. The money allotted to help people through the pandemic was long since spent, right?
Wrong. While some of the most obvious chunks such as the stimulus checks sent in May or the Payroll Protection Program money that disappeared before many businesses even were able to apply were used up, there are other pots that were tagged for a particular use that just sat there.
Dec 21, 2020 / 07:58 PM EST
INDIANAPOLIS (WISH) The new stimulus bill provides $284 billion to extend the Payroll Protection Program, which had expired over the summer.
The bill also provides some tax relief for companies that received PPP loans and opens the door for a second round according to CPA Leslie Boyd, of Clifton Larson Allen.
“Those expenses are deductible and we have a second round for businesses that have been hardest hit where they can possibly apply for a second round of the PPP loan so that is a really big deal,” said Boyd.
There is another tax credit added to this bill for businesses that do not qualify for PPP loans, called the employer retention credit. This provides an avenue for companies to keep people working when the cash flow dictates otherwise.
President Trump signs stopgap spending bill to keep government open until Dec. 28
From CNN’s Daniel Allman and Manu Raju
US President Donald Trump gives a thumbs up as he departs on the South Lawn of the White House, on December 12. Al Drago/Getty Images
US President Donald Trump signed a stopgap spending bill to keep the government open until December 28.
Just after midnight, Trump signed the bill, H.R. 1520, known as the “Further Extension of Continuing Appropriations Act, 2021,” which provides fiscal year 2021 appropriations to “Federal agencies through Monday, December 28, 2020, for continuing projects and activities of the Federal Government,” a statement from the White House read.
Factbox-What s in the U S COVID-19 bill? Unemployment, $600 checks, three martini lunch deduction kwsn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kwsn.com Daily Mail and Mail on Sunday newspapers.
FACTBOX-What s in the $900 billion U.S. COVID-19 aid package? Reuters 12/21/2020
(Updates with detail)
WASHINGTON, Dec 20 (Reuters) - U.S. congressional leaders said on Sunday they had reached agreement on a $900 billion package to provide the first new aid in months to an economy hammered by the novel coronavirus pandemic, with votes likely on Monday.
Here s what is in the package, according to a summary released by House of Representatives Speaker Nancy Pelosi and Senate Democratic Leader Chuck Schumer, and interviews with several congressional aides who provided additional details:
Checks in the mail: The bill includes $166 billion in new direct payments of up to $600 per adult and child, for individuals making up to $75,000 a year and $1,200 for couples making up to $150,000 a year. The bill expands direct payments to mixed-status households.