December 22, 2020 •
News
New COVID-19 Relief Package Passed December 21, 2020
On December 21st, Congress approved a $900 billion COVID-19 relief package, of which at least $1.7 billion will aid Hawaii. The bipartisan deal includes: an extension of unemployment insurance; direct cash payments to individuals; assistance for schools, vaccine distribution, hospitals, and health care workers. In addition, support offered to small businesses includes:
- Businesses with 300 or fewer employees that have sustained a 25% revenue loss in any quarter of 2020 can receive a second forgivable PPP loan
- Forgivable expenses are expanded to include supplies costs, investments in facility modifications, and purchases of personal protective equipment (PPE)
- Business expenses paid for with PPP loans are now tax deductible
- Expanded eligibility for nonprofits, local newspapers, and TV and radio broadcasters
- PPP forgiveness process simplified for loans of $150,000 or less
For additional information and ongoing updates on the complete provisions of the package, see https://www.schatz.senate.gov/coronavirus
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