Coronavirus pandemic recovery aid on the way for consumers and businesses; here is what we know.

Now that Congress nears finish line for second relief package, here’s what should be on the final bill and when consumers and businesses will start seeing money in their accounts.

Most Americans are supposed to receive stimulus checks of $ 600, as well as additional federal unemployment benefits of $ 300 per week for those who are not working.

And small business owners will have another chance to get federal loan money.

The congressional package amounted to about $ 900 billion Monday, including $ 325 billion in small business support; about $ 280 billion in paycheck protection program funding; at least one direct payment of $ 600 to individuals; and $ 300 per week in additional federal unemployment insurance benefits for at least 10 additional weeks.

“LEARN MORE: Lawmakers finalize deal to send $ 600 relief checks to most Americans

The same Americans who received stimulus checks last March should be eligible for this second round – people earning less than $ 75,000 and married couples earning less than $ 150,000 in adjusted gross income. As in the first round, people with dependents receive additional money, including for children up to 16 years old.

Direct checks are estimated at $ 600 per adult and $ 600 per child, with the amounts decreasing for Americans earning more than $ 75,000 in income and couples earning more than $ 150,000.

Dependents over 16 will not be eligible, as will the first round of stimulus payments. This means that households will not receive payments for students.

The checks are expected to come out a few weeks after President Donald Trump signed the bill. Federal unemployment would pick up where states left off, as many benefits expire in the coming weeks.

If you file taxes and receive refunds electronically or by direct deposit with the IRS, your stimulus money may arrive sooner because it lands directly in your account.

Yes, Congress included $ 25 billion in emergency rent assistance and extended the moratorium on evictions until the end of January 2021.

The White House got a tax break that Trump personally lobbied for: the ability for businesses to deduct restaurant meals as an expense. The idea was to encourage Americans to support local dining establishments, and the deductibility lasts for two years.

Who else got a bailout? Who hasn’t?

Airlines have received payroll assistance, which will allow them to recall workers on leave; student borrowers, however, received no extensions on their deferred loan payments. Loan deferrals must end on January 31, 2021.

The latest legislation provided for $ 45 billion for transportation, including $ 16 billion for another slice of the payroll of airline employees and contractors; $ 14 billion for public transit; $ 10 billion for highways; $ 2 billion for intercity buses; $ 2 billion for airports and $ 1 billion for Amtrak.

The defenders of the students were fuming.

“We are not surprised that Washington’s elite have once again turned their backs on millions of economically struggling Americans,” said Autria Lindsay, spokesperson for the Student Loan Defense Fund, a progressive think tank. in Washington. “With Congress not even doing the bare minimum for the millions of Americans struggling with student debt, we can expect the crisis to worsen, devastating the finances of millions of Americans.”

Local business leaders and accountants are urging clients to gather documents for the next round of Paycheck Protection Program loans.

According to Anselm Sauter, federal and state director of the Greater Philadelphia Chamber of Commerce, there is a “fix” in the relief program for business owners who have received or will receive P3: business loans. “It was a great victory for our voters.”

“The intention of Congress is that these be deductible,” Sauter said. “This bill clarifies that.

The US Small Business Administration is expected to open the next PPP application window soon, although it is not known when. PPP loans under $ 150,000 are mostly canceled, if the correct documentation is submitted.

The first round of congressional PPP loans largely excluded minority and women-owned businesses. The Enterprise Center wants to equip entrepreneurs with the necessary tools to ensure a fair distribution of additional loans to small businesses.

“It is likely that the second round of PPP funding will have two additional requirements: companies must have 300 employees or less, and must provide proof that their revenues have fallen by 30% or more due to COVID-19,” said Ian Lawrence. , Senior Director of Philly’s Enterprise Center.

“Because minority-owned businesses have historically struggled to access private capital and federal funding, it’s critical that they be prepared to apply for the next round of P3 loans. It means having financial statements, payroll documents and other documents in order and completed, ”he said. “If black and brown businesses don’t take these steps in the coming days, they could again be excluded from government funding. “

The Enterprise Center has a form online to receive the latest updates and make an appointment for virtual application assistance.

The Business Center, also in Philadelphia, also offers virtual business plan courses for entrepreneurs. Scholarships are available. Go to www.thebizctr.com for information.

The Institute for Business and Information Technology at Temple University offers free assistance to businesses and nonprofits in need of a digital presence. Applications are available on https://ibit.temple.edu/dt/apply/.

This could be a lifeline for small business owners like Jacqueline Debose, who owns the Markhi Kids store at 5246 Market St.

“It’s been so slow,” she said. “I’m just trying to keep driving, paying my credit card and other bills.”

“I don’t know what we’re going to do without help,” Debose said. She would like to ask for PPP money but doesn’t know how to go about it without a tax accountant and other advice.

A rule clarifying expenses related to PPP loans is included in the new relief bill, allowing PPP borrowers to deduct expenses on tax returns, overturning a Treasury Department decision.

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