Economic relief from Congress may be close, here are the details

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At long last Congress appears to be nearing legislation that has a chance of passing and becoming law. The Emergency Coronavirus Relief Act of 2020 has a lot of parts to it — many of them moving parts. Of particular interest to most taxpayers and business owners is that of economic stimulus payments and another possible round for forgivable loans for businesses (Paycheck Protection Program round 2 or PPP2).

With the current political turmoil, providing any odds for passage is impossible. However, while we all await passage (thinking optimistically) we have prepared a recap of the Act for your reading pleasure or for use as a sleeping aide. You can read our summary of the Emergency Coronavirus Relief Act of 2020 by clicking here.

The latest pandemic rescue package is set to include direct support of $300 enhanced weekly unemployment benefits, small business PPP loans, funding to help with vaccine distribution, food assistance and emergency rental relief.

The legislation also is expected to include a second round of stimulus payments with the current likely dollar amount of between $600 and $700. That’s about half of the $1,200 maximum stimulus per person provided by the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act.

Unlike the CARES Act payments, the new stimulus payments may be available for dependents, including adult dependents such as college students.

As the legislation unfolds we will do our best to keep you up-to-date with the process and how it might affect your personal or business finances. In the meantime, if you have any questions or need any assistance the entire team at Scholl & Company, LLP stands ready to help. Just give us a call at (831) 758-5966 or email us at help@schollcpa.com.