UPDATE on the Covid-19 Stimulus Bill
December 2020 – Congress passed a $900 billion COVID-relief and $1.4 trillion government funding package that will provide Americans with critical pandemic aid, while also securing federal agency operations. Funds can be used to ensure facilities, workplaces and schools have access to professional-grade chemicals, services, and equipment to properly sanitize and disinfect. This includes training and professional development for staff to help minimize infectious diseases, as well as purchasing supplies to sanitize and clean facilities.
The bill provides $325 billion in small business funds. $284.5 billion for first and second Paycheck Protection Program (PPP) loans for Eligible small businesses with less than 300 employees that can demonstrate a revenue reduction of 25%. Additional expenses have been added to those that qualify for PPP loan forgiveness such as “the acquisition of services, equipment, including personal protective equipment, and other measures needed to protect workers and customers from COVID–19”. Funds can be used to ensure facilities, workplaces and schools have access to professional-grade chemicals, services, and equipment to properly sanitize and disinfect. Securing PPP funds for cleaning equipment and services, was a top priority of our industry association, the ISSA.
The bill also provides full deductibility of expenses paid with a PPP loan and extends PPP loan eligibility for 501 (C)(6) nonprofits, including local newspapers, radio, and television broadcasters, and destination marketing organizations. It includes a $15 billion grant program to support live venues, theaters, museums, and zoos and $20 billion for new Economic Injury Disaster Loan Grants for businesses in low-income communities.
This bill also provides economic relief for schools, including:
– $82 billion total for colleges and universities
– $54 billion for public K-12 schools, and $23 billion for a higher education fund
– The childcare sector will also receive $10 billion in emergency funding. These funds can be used for equipment and chemical to sanitize and disinfect.
– $4 billion for a governors’ relief fund
You can read more about what it means for schools in one of our previous blogs, here. The bill also will provide $45 billion in transportation-related assistance, including:
– $15 billion to airlines
– $14 billion for mass transit
– $10 billion for state highways
– $2 billion for airports
– $1 billion for Amtrak.
This ensures large and small businesses, schools, and agencies have knowledge and access to professional-grade equipment and chemical to properly clean and keep people safe. We encourage you to get in front of this now for the benefit of your employees, customers, and community.
Contact Lavo for more information at lavo@lavosolutions.com or +1 (949) 377 – 1250.