Small biz aid in relief bills

Expanded safety net for workers, contractors

      The House and Senate each recently approved a new round of COVID-19 relief legislation that offers more than $50 billion in direct support to small businesses and strengthens the safety net for employees, gig workers and independent contractors.

      Democratic majorities passed the bills while all Republicans voted “no.”

      The Senate adopted the American Rescue Act on March 6, following an earlier House vote for a similar bill. The Senate package was expected to go back to the House for a final vote at press time.

Small business items

      Both bills provide the following assistance to small firms:

• $25 billion for a new grant program to assist restaurants and bars. Eligible firms can obtain up to $10 million for expenses including payroll, mortgages/rent, utilities and food/beverages.
• $15 billion for the Economic Injury Disaster Loan (EIDL) program. Firms with 10 or fewer employees would get priority for a portion of the loans.
• $7 billion more for the Paycheck Protection Program; and
• $175 million for a Community Navigator Program to raise awareness and outreach for the relief programs.

Benefits for workers, families, etc.

• Checks: Under the Senate bill, people earning up to $75,000 and couples earning up to $150,000 will receive $1,400 per person, including children. That covers 90% of households, according to CNN.
• Unemployment insurance: Under the Senate bill, an extra $300 a week in unemployment benefits would go to Sept. 6. The extension also would apply to special pandemic employment benefits to freelancers, gig workers and independent contractors.
• Food aid: Both House and Senate bills extend the 15% increase in food stamp benefits through Sept. 30.
• Housing aid: Both bills offer $20 billion for renter assistance, $10 billion for home owner assistance and $10 billion for emergency homelessness assistance.
• Tax credits: Both bills raise the child tax credit, to $3,600 for each child under age six and $3,000 for each child under age 18. Also, tax credits for employers who voluntarily offer pandemic-related paid sick leave through Oct. 1.
• ”Obamacare” subsidies: - The federal subsidies for Affordable Care Act health plans would increase. Enrollees would pay up to 8.5% of income, down from 10% currently. Also, more people would be eligible for the subsidies because the cap on income would be lifted.

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