COVID-19 Relief Bill as part of Consolidated Appropriations Act, 2021
by Alisa Moody
Yesterday both the US Senate and House of Representatives voted on the Consolidated Appropriations Act (CAA), 2021 which includes a $900 billion COVID-19 relief bill. Only a signature from the President remains before it is signed into law. This legislation, all 5,593 pages of it, extends economic assistance to individuals and business who continue to struggle with economic hardships resulting from the ongoing pandemic.
The highlights from the relief package include the following (many of which will be discussed individually on separate BRC blog posts):
• Funding to the US Small Business Association (SBA) for forgivable Paycheck Protection Program (PPP) loans for small businesses.
• Funding for Economic Injury Disaster Loan (EIDL) Grants to businesses in low-income communities.
• Specific funding for live venues, independent movie theaters and cultural facilities who were shuttered due to safety precautions and funds set aside for businesses in low-income and minority communities.
• Funding for economic impact payments of $600 for individuals making up to $75,000 per year and $1,200 for married couples making up to $150,000 per year, as well as a $600 payment for each child dependent.
• Extension of unemployment benefit supplement from December 26, 2020 to March 14, 2021, as well as, the extension of the Pandemic Unemployment Assistance (PUA) program and the Pandemic Emergency Unemployment Compensation (PEUC) program.
• Funding for emergency rental aid and an extension of the national eviction moratorium through January 31, 2021.
• Funding for transportation, including airlines, transit systems, state highways, airports and intercity busses and Amtrak.
• Funding for colleges and schools including support for HVAC upgrades to mitigate virus transmission and childcare assistance.
• Funding for health-related expenses incurred by state, local, Tribal, and territorial governments.
• Funding for emergency food assistance.
• Funding for broadband expansion.
BRC team members have been preparing for this bill for weeks and will continue to post guidance and updated information on our “CAA” blogs, so check back often. Please reach out to your BRC advisor or CovidAssist@brccpa.com if you have questions or would like to learn more about the relief package.
In this unprecedented time, community and business leaders are seeking guidance in navigating the unique challenges they are facing, and it is BRC’s intent to provide careful, conscientious and compassionate advice to assist our clients as they respond to these challenges. We can guide you through business reorganization and restructuring with:
• Turnaround business plans
• Historical financial analyses and related strategic planning
• Cash management
• Cash flow and financial projections
• Capital and cost structure development
• Scenario and sensitivity analyses
• Negotiations with secured and unsecured creditors
We understand the economic challenges and uncertainties created by COVID-19 and we are here to assist you with Paycheck Protection Program (PPP) services, including:
• Assistance with PPP2 loans in both the application stage and in streamlining the process with lenders.
• Loan forgiveness analysis and guidance through the loan forgiveness process
• Cash flow planning and financial projections
• Professional advice on technical matters with respect to calculations and documentation requirements
• Disbursement tracking best practices and monitoring
Please do not hesitate to reach out to your trusted BRC advisor or CovidAssist@brccpa.com.