Dec. 22, 2020—Late yesterday, Congress passed the long-negotiated $900 billion COVID-19 Economic Stimulus Relief Act, which is the second largest stimulus package ever in U.S. history.
The Automotive Service Association following the passage of the bill broke down some of its parts that are pertinent to automotive businesses.
The legislation includes $300 billion for a second round of Paycheck Protection Program loans. Also, as noted by ASA, businesses with fewer than 300 employees who can demonstrate losses compared to last year are eligible for a second forgivable PPP loan. The bill also allows businesses to apply for forgiveness of loans of less than $150,000 by filling out a single-page loan forgiveness form.
Beyond business relief, the legislation includes direct, one-time payments of $600 to people who make less than $75,000 per year.