Federal Stimulus & CARES Act Update
Posted by [email protected] on Dec. 22, 2020 / Subscribe 0
December 21, 2020
FROM: Julie Erickson, Registered Lobbyist, American Communications Group, Inc.
RE: Federal Stimulus & CARES Act Update
Congress has made significant progress over the past week in their negotiations on finalizing another COVID relief package. They have agreed in principle to a stimulus package totaling around $900 billion in federal aid.
Here is what we know so far. It is expected that the final package will include another round of stimulus checks for individuals and families, at $600 per person for those making up to $75,000 per year. The package is also expected to include an extension of the increased unemployment benefits at $300 per week, with those lasting about 11 weeks. We do not expect to see any additional aid for state or local governments in this package. The final deal is expected to have around $330 billion in additional relief funds for small businesses and to allocate tens of billions of dollars to an array of other critical needs, such as transportation agencies, distressed renters and hungry people.
The final package is also set to include several extensions of programs that were started earlier this year that are significant and important for much of the work we do. Namely, the bill would extend the deadline for states and cities to use unspent money approved for them by the Cares Act. Currently, states and cities have until the end of the year to spend billions of dollars before it expires and has to be returned to the federal government. For Nebraska, this was $1.084 billion in funding allocated by the state, of which only about $681 million has been spent thus far. The final deal would instead extend the deadline for these funds to be used for a full year. The final package would also include an extension on a moratorium for evictions for renters, one that was set to expire at the end of the year. The extension would be good for another month.
We will continue to monitor these pieces closely as the final package has not yet been voted on, so it is possible that it is still fluid and there could be changes. We will keep you up to date on any developments and specifically as it relates to any changes to funding, grant programs or other components that may be modified or extended. Don’t hesitate to let us know if there are any questions.
Congress' rescue aid: A dose of support, but is it enough?
Congress has a deal on $600 stimulus checks, other virus aid; Bacon part of group that revived talks
0 Comments