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COVID-19 Relief Bill Provides Funding to Small Businesses and Individuals | Robins Kaplan LLP


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On Monday, December 21, 2020, Congress passed a $900 billion COVID-19 relief bill known as the Coronavirus Response and Relief Supplemental Appropriations Act (the “Bill”) after months of intense negotiations. The 5,593-page legislation by far the longest bill in history is now on its way to the White House for President Donald Trump’s signature and approval. This alert identifies two key aspects of the Bill: aid for small businesses and individual benefits.
Aid for Small Businesses
The Bill provides $284 billion to the U.S. Small Business Association (“SBA”) for both first and second Paycheck Protection Program (“PPP”) forgivable small business loans. It also allocates $20 billion to provide Economic Injury Disaster Loan (“EIDL”) Grants to businesses in low-income communities. ....

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