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Small Business Relief Highlights of COVID-19 Economic Relief Bill

Small Business Relief Highlights of COVID-19 Economic Relief Bill

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January 2021

The $900 COVID economic relief bill passed by the U.S. Senate and House of Representatives on December 21, 2020 allocates $325 billion toward support for small businesses.

Some of the most notable highlights include:

  • A total of $284 billion for additional Paycheck Protection Program (PPP) loans and $20 billion for Economic Injury Disaster Loans (EIDL) and grants.
  • A $15 billion allocation for shuttered live venues, independent movie theaters and cultural institutions
  • A $12 billion allocation that will be set aside for businesses in low-income and minority communities.
  • Provisions for a simplified forgiveness process for PPP loans of $150,000 or less, as well as an allowance for expenses that are paid with PPP funds to be deductible for tax purposes.

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