In addition to the supplemental funding the relief bill includes several policy provisions including limited statutory and regulatory waivers. Thank you to everyone that contacted your legislators through the NAHRO’s Advocacy Action Center. Your messages of how important affordable housing is during a pandemic played a critical role in the HUD programs receiving supplemental, relief funding. NAHRO is providing additional coronavirus resources at The relief bill includes additional funds for HUD’s Public and Indian Housing (PIH), Community Planning and Development (CPD), and Office of Housing programs. The HUD funding in the bill is in line with the previously discussed Senate bill – except for the Community Development Block Grant (CDBG) funding, which is $5 billion in the relief bill. All the funding in the bill is in addition to the previously appropriated FY2020 funding. The chart below provides the amounts of the supplemental funding for select HUD programs from the relief bill.
Jeff Drew ( ) is a JofA senior editor.The third coronavirus (COVID-19) relief bill has passed the Senate and the House, been signed by the President, and is now law. The entire bill includes more than $2 trillion to help the United States economy. Ken Tysiac ( ) is the JofA ’s editorial director. The AICPA’s Paycheck Protection Program Resources page houses resources and tools produced by the AICPA to help address the economic impact of the coronavirus.Īccounting firms can prepare and process applications for the PPP on the CPA Business Funding Portal, created by the AICPA, CPA.com, and fintech partner Biz2Credit.įor more news and reporting on the coronavirus and how CPAs can handle challenges related to the outbreak, visit the JofA ’s coronavirus resources page or subscribe to our email alerts for breaking PPP news.
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The webcasts, which provide CPE credit, are free to AICPA members and $39.99 for nonmembers. Funding for both projects was included in the original House bill.ĪICPA experts discuss the latest on the PPP and other small business aid programs during a virtual town hall held every other week. Lawrence seaway, or the extension of a railway system near San Francisco. Will not include funding for a bridge to Canada in upstate New York over the St.Does not raise the federal minimum wage, which the original House bill would have increased to $15 per hour.Includes funding for state and local governments.Provides assistance for K-12 education and colleges and universities.Includes money for health care entities, vaccine distribution, and testing related to the COVID-19 pandemic.Allocates $50 billion in funding to benefit small businesses through a variety of programs, including $25 billion for restaurants and bars, $15 billion for targeted Economic Injury Disaster Loan (EIDL) advance payments, and an additional $7.25 billion for the PPP.29, but the Senate kept the payment at $300, extended the program an extra week, and also made the first $10,200 in unemployment benefits tax-free in 2020 for taxpayers making less than $150,000 per year. The House version of the bill had boosted the supplement to $400 per week through Aug. 6 a $300-per-week supplement to federal unemployment benefits that would have expired March 14. Receiving or even having open applications for both programs had been prohibited, but a Senate amendment makes it possible for venue operators to receive both, though the amount of the SVOG will be reduced by the amount of PPP funds approved. 27, 2020, to also receive a Shuttered Venue Operators Grant (SVOG). The new version of the bill makes it possible for eligible entities that receive a first- or second-draw Paycheck Protection Program (PPP) loan after Dec. For more on the tax changes in the bill, see “ American Rescue Plan Act Passes With Many Tax Components.” The amendments included changes to some of the tax provisions in the original bill, including stricter limits on who would receive economic impact rebates, which remained at $1,400 for many individual taxpayers. 27, but changes contained in the legislation approved by the Senate created a need for the House to vote again to align the bill before it was sent for Biden’s signature. President Joe Biden on Thursday afternoon signed into law the $1.9 trillion coronavirus relief bill known as the American Rescue Plan Act, following a 220-211 vote of approval by the House of Representatives on Wednesday.Ī previous version of the bill was approved by the House on Feb.
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