The saying “better late than never” can certainly apply here… After dragging its feet for months (which felt like years), U.S. Congress has delivered a stimulus bill offering relief to small businesses and families struggling to survive the recent COVID surge.
How will this affect the retail community?
The Wall Street Journal on December 21st posted a categorical graphic breakdown of where the proposed $900 billion will be allocated (with a large percentage set aside for small businesses) and here are key provisions (provided by CNN) that will be included as part of the $900 billion agreement, according to releases sent out Sunday evening by members of Democratic and GOP leadership:
- Direct payment checks of up to $600 per adult and child
- Aid for struggling small businesses, including more than $284 billion for forgivable Paycheck Protection Program loans and $15 billion “in dedicated funding for live venues, independent movie theaters, and cultural institutions”
- $300 per week for enhanced unemployment insurance benefits
- $20 billion to buy vaccines and make “the vaccine available at no charge for anyone who needs it” and $8 billion for vaccine distribution
- $20 billion for coronavirus testing efforts
- $25 billion for rental assistance and an eviction moratorium extension
- $82 billion for education providers like schools and colleges, including aid to help reopen classrooms safely and $10 billion for child care assistance
- The deal will rescind “$429 billion in unused funds provided by the CARES Act for the Federal Reserve’s emergency lending facilities”
- $13 billion in increased Supplemental Nutrition Assistance Program and child nutrition benefits
- $7 billion to bolster broadband access to help Americans connect remotely during the pandemic
- $45 billion to support transportation services, including $2 billion for airports, $1 billion for Amtrak and $16 billion for “another round of airline employee and contractor payroll support”
- A tax credit “to support employers offering paid sick leave”
Will your business take advantage of round 2? How will the direct checks and unemployment benefits affect your staff? We will continue to update our COVID-19 Resources page on the M1 website as new information comes to light.
Free downloadable retail related tools can be accessed via: https://www.management-one.com/downloadable-retail-tools
Please note that the link to this and other relevant Corona Virus related articles as well as links to helpful webinars, loans and other Covid 19 related resources can be found in The BRA Covid 19 Retailer Resource Guide, which was published in March and is still updated regularly.
If you are not yet a BRA Retail Member, you can easily opt in to either Regular (no cost) or Distinguished ($99/yr.) Membership via this super simple join form