Federal Relief Bill

From the North Texas Commission:

Direct Payment Relief — The deal provides $1,200 in direct cash payment relief to individuals, $2,400 for married couples, plus $500 per child. The full payment is available for individuals making up to $75,000 and $150,000 for married couples. The value begins decreasing and then phases out completely for those making over the full payment income cap.

Expanded Unemployment Benefits — The expanded unemployment insurance (UI) program allocates $260 billion to provide a $600 increase for every recipient, with provisions that incentivize states to eliminate waiting periods. An additional 13 weeks unemployment insurance benefits are also prioritized in the revised bill. Additionally, part-time, self-employed, and gig economy workers will also have access to UI benefits under these provisions.

From the North Texas Commission:

Paycheck Protection Program —The legislation’s “Paycheck Protection Program” would allow SBA to provide eligible small businesses and 501(c)3’s with a guarantee on a loan up to $10 million.

• This loan could then be forgiven for up to eight weeks of payroll, rent, utilities, and other essential operating expenses. Forgiveness would be reduced proportionally to any layoffs, as well as any reductions in salary above 25%. 
• Eligible organizations include those with 500 or fewer employees, those that meet industry-specific SBA thresholds, independent contractors, and sole proprietorships. Restaurants and hospitality locations are assessed the 500 employees on a per-location basis. 

Grants — An additional program would provide $10,000 emergency grants to eligible small businesses to offset certain operating costs.

Tax Credits — A tax credit would compensate employers for half of wages paid to workers (up to $10,000 in wages per worker).

Congress added additional money in a new round of stimulus in April for small businesses under the PPP program.