New COVID-19 Relief Package Signed Into Law

By Suzanne Brown

On December 27, 2020, the President signed into law, H.R. 133 – the Consolidated Appropriations Act 2021 which authorizes the newest coronavirus relief bill.

This nearly $900 billion package includes:

  • A new round of direct stimulus payments of $600 to most Americans and their dependents (check the Status of Your Economic Impact Payments)
  • Extends the Pandemic Unemployment Assistance (PUA) program through April 19, 2021, with a $300 weekly payment boost through March 14th
  • Unemployment benefits continue to be extended to the self-employed/independent contractors
  • Provides an additional $284 billion for Paycheck Protection Program (PPP) loans and $20 billion for Economic Injury Disaster Loans (EIDL) grants
    • Allows eligible businesses to receive a second PPP loan
  • Provides $25 billion to the states through September 30, 2022, for rental assistance which allows landlords to apply for funds on behalf of tenants.

Other provisions included several tax extenders, $7 billion for broadband internet access, $49.6 billion for HUD’s budget, a one-year extension of available Coronavirus Relief Funds to states and localities, and an extension of the CDC Eviction Moratorium through January 31, 2021.

For a more in-depth summary of everything included in the relief package, you can go to NAR’s Federal Advocacy Responses to COVID-19 resource page.

SBA Re-Opening Paycheck Protection Program (Jan. 8, 2021)
IRS Begins Round Two of Economic Impact Payments (Dec. 29, 2020)