An agreement has been reached by leadership on the COVID-19 Emergency Relief Package and the FY 2021 Appropriations agreement. If passed by both chambers the bill would provide:
- $286 billion in Direct Economic Relief for Workers and Families
- $325 billion for Small Businesses
- $12 billion for Support for Community Development Financial Institutions and Minority Depository Institutions
- $45 billion for Transportation
- $69 billion for Vaccines, Testing and Tracing, Community Health and Health Care Provider Support
- $82 billion Schools
- $25 billion for Rental Assistance
- $26 billion for Nutrition and Agriculture
- $10 billion for Child Care
- $7 billion Broadband
The total cost of the bill is estimated to be $2.3 trillion, which includes funding of about $1.4 trillion to fund the remaining nine months for FY2021 appropriations to fund the federal government.
Spotlight on the Agreement Reached
$325 billion for Small Business
Small businesses could see a total of $325 billion, including $284 billion in loans through the Paycheck Protection Program, $20 billion is included for new EIDL Grants for businesses in low-income communities, $3.5 billion for continued SBA debt relief payments, and $2 billion for enhancements to SBA lending. It also includes $15 billion for live venues, independent movie theaters and museums.
$15 billion includes support for Live Music Venues
It also includes $15 billion for live venues, independent movie theatres, and museums.
Extension of the Employee Retention Tax Credit
The bill extends and expands the refundable Employee Retention Tax Credit (ERTC), which was established in the CARES Act. The extension of this tax credit will help keep additional U.S. workers on payroll and more small businesses and nonprofits across the country afloat.
Coronavirus Relief Fund Extension
This bill extends the availability by one year (until Dec. 31, 2021) for funds provided to states and localities by the Coronavirus Relief Fund in the CARES Act.
$ 7 billion for Broadband
The bill invests $7 billion to expand broadband access which includes $3.2 billion in emergency funds for low income families to access broadband through an FCC fund, $300 million for rural broadband and $250 million for telehealth.
SNAP Benefits
The agreement includes a $13 billion increase to SNAP benefits by 15%
$13 billion for Farmers and Ranchers
The bill also includes $13 billion in direct payments to farmers and ranchers who have suffered losses due to the pandemic
Schools
More than $54 billion for public K-12 schools and nearly $23 million for a higher education fund. Additionally, $4.05 billion for the Governors Emergency Education Relief Fund.
