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December 22, 2020 9:09am

GLI priorities in the new COVID relief package

Congress has passed a $900 billion COVID relief bill that includes much-needed support for businesses and individuals throughout the country. Passage of relief legislation by Congress has been a top priority for GLI for several months. Thanks to the advocacy of hundreds of GLI members, the new bill includes several top GLI priorities. 

Here’s what’s in the bill. 

  • $284 billion for the Paycheck Protection Program (PPP)
  • 501(c)(6) organizations are now eligible for PPP
  • Businesses that acquired PPP funds after the CARES Act may reapply for additional funds, though restrictions apply
  • A simpler forgiveness application is established for PPP loans of up to $150,000
  • Businesses may now deduct expenses paid for with forgiven PPP loans
  • $20 billion for Economic Injury Disaster Loans
  • $15 billion for venues, movie theaters, and cultural institutions
  • $600 economic impact checks for individuals making up to $75,000 and $1,200 for couples making $150,000
  • $300 per week unemployment benefit expansion through March 14, 2021
  • Extension and expansion of the Pandemic Unemployment Assistance program
  • $25 billion for emergency eviction prevention assistance
  • $45 billion for transportation funding
  • $82 billion for colleges and schools
  • $7 billion for broadband expansion
  • Several tax provisions of the CARES Act were extended, including the Employee Retention Tax Credit and above-the-line charitable contribution deductions.
  • In addition businesses may now claim the Employee Retention Tax Credit if the acquired PPP funding (previously prohibited) 
  • Business meals are now 100 percent deductible
  • Pell grant expansion (including new eligibility for incarcerated individuals)

GLI will continue updating this article.