Congress Continues with Version of 2020 Bipartisan COVID-19 Emergency Relief Act

Mark Campanale Coronavirus Alerts, Government Relations Updates

The Country waits while Congress continues the back and forth on the latest version of a Bipartisan COVID-19 Emergency Relief Act of 2020

Here are some “good” highlights:

  • Forgivable expenses on a second PPP loans will include supplier costs and investments in facility modifications and PPE.
  • Expenses paid with PPP proceeds will be tax deductible — apparently these members of Congress believe that is what they intended in the March CARES Act.  Unclear whether it is retroactive from the summary Team GRC obtained.
  • $138 billion in unspent first-round PPP loan funding will be re-purposed into this new PPP round.

TWO highlighted provisions may not benefit your stores:

  • All pandemic unemployment benefits are extended by 16 weeks from December 26th, if the bill passes.
  • Supplemental federal unemployment benefits will cover an extra $300 per week (over traditional benefits) for 16 weeks – a reduction from the CARES Act amount.