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It’s been less than a month since President Donald Trump signed the last COVID-19 relief bill into law, but President-elect Joe Biden has already released his own spending proposal, a massive $1.9 trillion plan that comes on the heels of an employment report showing that the country’s battered hospitality industry lost 372,000 jobs in December alone.
Biden’s COVID-19 package contains numerous proposals to increase aid for struggling workers and families throughout the economy, but while the proposal, accessed via the
Washington Postwebsite, acknowledges how bars and restaurants have suffered “disproportionately,” the administration’s plans to help the industry are vague.
PPP”) loans under the Coronavirus, Aid, Relief, and Economic Security CAA (the “
CARES Act”):
Borrowers may be eligible for a second PPP loan. If the borrower (1) will or has used the full amount of the first PPP loan only for authorized expenses, (2) has no more than 300 employees, and (3) can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020, a second PPP loan is available. Any second PPP loan is limited to $2 milion.
More Entities Qualify for PPP Loans. The CAA expands PPP loan eligible entities to include:
501(c)(6) Non-Profit Organizations: An IRC §501(c)(6) entity is eligible for a PPP loan subject to the following: (1) the entity does not receive more than 15% of its receipts from lobbying activities, (2) the lobbing activities of the entity do not comprise more than 15% of the total activities of the entity, (3) the cost of lobbying activities of the entity did not exceed $1 million during the most recent tax year
N.J. unemployment: $300 checks arriving late, Labor Department ‘hopes’ payments will arrive this week
Updated Jan 14, 2021;
The $300 supplemental checks that the Labor Department expected to arrive in New Jersey claimants’ bank accounts by Tuesday are delayed due to “challenges in processing the payment,” a spokeswoman said.
The complication is due to the new Federal Pandemic Unemployment Compensation program running simultaneously with the prior CARES Act program that paid out $600 a week, which some claimants continue to collect, said Angela Delli-Santi, spokeswoman for the department.
IT and support staff are working “around the clock” to resolve the issues, she said, and the department “still hopes to be able to distribute the payments this week.”
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CARES Act Prosecutions Have Already Rooted Out Over $360 Million In Fraud With Much More Likely To Come In 2021 Thursday, January 14, 2021
Since the authorization of CARES Act emergency loans and other payments to Americans affected by the coronavirus pandemic, federal prosecutors have brought over 100 charges of fraud in connection with the rollout of those programs. In these charges, the Department of Justice has alleged that individuals and companies fraudulently sought more than $360 million in government-backed loans and other benefits. These numbers are likely to climb dramatically in 2021 with the installation of new DOJ leadership under incoming President Joe Biden.
In passing the CARES (Coronavirus Aid, Relief, and Economic Security) Act and related legislation beginning in March 2020, Congress provided for several different types of emergency pandemic relief to be administered by the Small Business Association and other federal agencies. These