From the Carson City Chamber of Commerce
Just like the Grinch who took everything away from the residents of Whoville while they were sleeping, Congress decided at the last minute to have a heart and reinstalled some of the needed funds to keep the Who’s afloat while trying to fight this pandemic. The businesses will be happy to know there is some relief at hand in this $900 billion relief bill that will make going into 2021 a bit easier.
Even after it is all said and done, this relief bill will be one of the largest spending bills ever passed and at $2.3 trillion (how many zeroes is that?), this exceeds the CARES Act funding of $2.2 trillion passed in late March.
Households will be getting $600 PER person which includes adults AND children (not per household) if the earnings thresholds are met. A family of four could be receiving $2400 based on earning. If you earned over $99,000, sorry, no $’s for you. If you earned over $75,000, the amount decreases.
Those now receiving unemployment will be able to do so for the next 11 weeks with the feds adding $300 to the amount due from Nevada – who now has to borrow money from the feds to continue paying benefits. The benefits could begin on 12/27 ending on March 31st. Gig workers are included in this next round as well. The current rate of NV unemployment was 10.1% as of November.
Small businesses will have a second bite of the Paycheck Protection Program that is non-taxable this time. The bill includes more than $284 billion for first and second forgivable Paycheck Protection Program (PPP) loans, expanded PPP eligibility for nonprofits and news outlets and modifications to the program to serve small businesses, nonprofits and independent restaurants.
There’s been changes too regarding the IRS ruling that certain portions of the PPP loan are taxable. Now businesses that received PPP loans and had them forgiven can deduct the costs covered by those loans on their federal tax returns. Some of the PPP funds have been reserved for “very small” businesses as well as lending through community-based lenders and minority depository institutions.
Some parts of the entertainment industry will see relief as well. There’s $15 billion in funds for live venues, independent movie theaters and cultural institutions.
EIDL loans will be reinstated for targeted grants through the Economic Injury Disaster Loan program (EIDL) in the amount of $20 billion.
Though our Governor has already extended the moratorium on evictions until March 31st, the Feds have included a one month extension in this bill to end January 31stwith $25 billion set aside for emergency assistance to renters.
Included is billions of dollars to provide for faster vaccine distribution and to carry out a national testing and tracing strategy.
There’s $82 billion for colleges and schools for the repair and replacement of HVAC repair/replacement to allow classrooms to reopen.
Cities/Counties to receive extension on spending CARES ACT funding that was to expire on December 31st. Not all counties had the opportunity to spend their monies which would have had to be returned. This is good news for local governments who will have another year to spend the dollars as needed.
Nevada’s Democratic contingency is calling this contentious relief package a “down payment” with the hope there is more to come after President-Elect Biden is sworn in. Representatives Mark Amodei and Susie Lee sat on the moderate Problem Solvers Caucus to reach a compromise. Lee called this round of relief “an emergency parachute.”