On December 27, President Donald Trump signed a $900 billion pandemic relief package, the Consolidated Appropriations Act, 2021. This package includes supporting crucial elements of our economy, including stimulus checks for individuals, support for small businesses, vaccine distribution, and more.
On Tuesday, December 29, the news was released that the latest round of COVID-19 stimulus payments will begin. As the second round of stimulus checks are being dispersed, Americans can expect a $600 stimulus for individuals who meet income requirements. Couples can receive up to $1,200 and eligible families can receive $600 per child.
The legislation provides more than $300 billion in aid for small businesses. Out of this aid, $284 billion is allocated to Paycheck Protection Program loans (PPP), $12 billion towards to minority-owned business and $15 billion to live venues, theaters, and cultural institutions. Businesses can apply whether or not they have received these loans in the past. This bill includes set-asides for small businesses (less than 10 employees), making these loans more accessible for small businesses.
With the United States beginning a first wave of COVID-19 vaccinations, part of this package focuses on funding the development and distribution of the vaccine. $16 billion has been set aside for this, aiming to eventually put an end to the pandemic. To learn more about these payments and eligibility requirements, please click here
If you need technical assistance, the CSDBCC in partnership with the Small Business Development Corporation (SBDC) will be offering free workshops until the closing of application on Wednesday, January 13, 2021. To register, please take a look at our upcoming events here.