Page 7 - NCISS COVID Virus Resources Packet
P. 7

House Democrats are also drafting their own Round 3 stimulus proposal, which they
                   expect to introduce sometime early next week. In addition, the Trump Administration sent
                   a $46 billion supplemental appropriations request to Congress for the ongoing Fiscal Year
                   2020. The request covers additional funding for various federal agencies as they adapt
                   their operations to COVID-19.

                   We’ve summarized the key provisions of the Senate Republican stimulus package here.
                   However, this is likely to change and is changing.

                   Small Business Interruption Loans

                   Allows any business, private or public nonprofit with fewer than 500 employees to be
                   eligible to receive Small Business loans. The maximum loan amount will be the lesser of -
                   The amount obtained by multiplying -

                       1.  The average total monthly payments by the applicant for payroll, mortgage
                          payments, rent payments, and payments on any other debt obligations incurred
                          during the 1 year period before the date on which the loan is made; unless the
                          applicant is a seasonal employer, the average total monthly payments for payroll
                          shall be the period beginning March 1 – June 30, 2019; by
                       2.  4; or $10,000,000

                   Funds may be used for payroll support (paid sick, medical, family leave, etc..), employee
                   salaries, mortgage payments, rent, utilities, and any other debt obligations.

                   Additionally, qualifying small business loan funds used to maintain payroll continuity
                   from March 1 – June 30, 2020 are eligible for forgiveness if they meet the guidelines.

                   These disaster relief loans to help cover payroll and other expenses. Follow the link and the
                   instructions therein.

                   https://disasterloan.sba.gov/ela/?fbclid=IwAR2bVsNNtRCbyFjTh33Jd6e5reeb0bbtuatiYotvZeN
                   31hxHwu_lrtjCwUg


                   Individual Provisions


                   Individual Cash Rebates
                   Recovery checks of up to $1,200 will be put into the hands of most taxpayers, providing
                   cash immediately to individuals and families. Married couples who file a joint return are
                   eligible for up to $2,400. Those amounts increase by $500 for every child. These checks
                   are reduced for higher income taxpayers and begin phasing out after a single taxpayer has
                   $75,000 in adjusted gross income and $150,000 for joint filers.




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