The second round of pandemic relief was signed into law Dec. 27.
The $900 billion relief bill’s fate was uncertain when President Trump demanded several amendments after Congress passed the legislation Dec. 21.
The bill includes direct stimulus payments of $600 to individuals. A $300 weekly federal enhancement in benefits for the unemployed will be available through March 14 (it is half the amount of the prior federal boost, which ran out at the end of July). The package also extends pandemic unemployment programs created in the CARES Act in March 2020 by 11 weeks, according to CNN.
The Paycheck Protection Program, which stopped accepting applications for the first round of loans in August, reopens for small businesses in the new bill.
“The second loans will be limited to those with fewer than 300 employees that have seen drops of at least 25% of their revenue during the first, second or third quarter of 2020,” CNN reported. “It also reduces the amount a borrower can receive from $10 million to $2 million, gives businesses more flexibility on how they spend the money and simplifies the forgiveness process for loans under $150,000.”
