WASHINGTON, D.C. – The U.S. Congress passed the $900 billion COVID-19 Economic Stimulus Relief Act today. This legislation, which passed along with the $1.4 trillion FY21 budget package, is the second largest stimulus package ever passed, behind the CARES Act, which was passed in March of this year. The bill now goes to the President for signature. President Trump is expected to sign the legislation.
The stimulus legislation includes $300 billion in funds to the Small Business Administration (SBA) for the reauthorization of the Paycheck Protection Program (PPP) providing a second round of loans to small businesses struggling due to the pandemic. Businesses with less than 300 employees that are able show demonstrated losses this year compared to 2019 are eligible for a second forgivable PPP loan. Additionally, loans of less than $150,000 will be evaluated for forgiveness through a simple, one-page loan forgiveness application document. To read more about the requirements for a PPP loan, click here to see the SBA website, or here to read the bill text.
In addition to relief funds for small businesses, this legislation also includes a second round of direct individual stimulus payments. Individuals with an income less than $75,000/year will be eligible for payments of a maximum of $600.
ASA is committed to assisting shops as they navigate these unprecedented times. News and information will be posted on the Taking the Hill portion of the ASA site as it breaks.
To visit the Taking the Hill home page, click here.
To read a summary of the bill, click here.
To read the full bill text, click here.
About ASA
ASA advances professionalism and excellence in the automotive repair industry through education, representation and member services. To take advantage of the many benefits of membership in ASA, please visit ASAshop.org or call (817) 514-2901. Access our mobile app by downloading on iPhone and Android devices.
For additional information about ASA, including past news releases, go to ASAshop.org or visit ASA’s legislative website at TakingTheHill.com.
