After calling it a “disgrace” and refusing to sign it, President Trump added his signature to the $2.3 trillion COVID-19 relief and government funding bill that includes $600 stimulus checks for most Americans. In a statement made Sunday night, the president said he would ask to remove millions of dollars in spending from the bill.
More Funding for Small Business Owners
With this second round of COVID-19 relief now approved, more funding will again be available to small businesses. In this bill, the Economic Injury Disaster Loan (EIDL) advances are received tax-free and small business owners are allowed to deduct the expenses. Another plus, is a modified and simpler application process for loans under $150K. To learn more of the other small business benefits of this bill, click here.
One Week Loss of Jobless Benefits
With his signature, the expanded unemployment benefits will be extended into March. However, millions are expected to lose a week of these benefits due to the delay in signing the bill. Unemployed Americans eligible to receive a $300 weekly supplement will also get the additional money later than they could have. The bill also avoids a government shutdown. President Trump insisted he would send Congress “a redlined version” of the bill to Congress citing items to be removed under the rescission process. However, because the bill is now signed, this version will only be viewed as suggestions, requiring nothing to change.
$600 On the Way
The bill authorizes direct checks of $600 for people earning up to $75,000 per year. The amount decreases for higher earners, and people who make over $95,000 will receive nothing. There’s an additional $600-per-child stimulus payment. “The compromise bill is not perfect, but it will do an enormous amount of good for struggling Kentuckians and Americans across the country who need help now,” said Senate Majority Leader Mitch McConnell (R-Ky.). “I thank the President for signing this relief into law.”