Details of the Coronavirus Response and Relief Supplemental Appropriations Act

Details of the Coronavirus Response and Relief Supplemental Appropriations Act

By Colton Campbell, IEDC intern

On December 27, 2020, President Trump signed the Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act of 2021, a long-awaited second round of government funding and assistance for businesses and citizens. The legislation provides a $900 billion COVID-19 relief package and a $1.4 trillion government funding package that serves as critical pandemic aid.

The new bill provides $325 billion for small businesses, including $284.5 billion for Paycheck Protection Program (PPP) loans. PPP loans will be available until March 31, 2021, or until loan funds are exhausted. Twenty billion dollars has been allocated to Economic Injury Disaster Loans through the SBA. In addition, the Express Bridge Loan Program and SBA debt relief options remain open.

The legislation also provides several assistance options for working Americans. The Federal Pandemic Unemployment Compensation program has allotted $120 billion and been extended through March 14, 2021, providing $300 per week to eligible applicants. The law also extends both the Pandemic Unemployment Assistance and the Pandemic Emergency Unemployment Compensation programs from March 14 through April 5.

The CRRSA Act has given $600 in stimulus payments to citizens with an adjusted gross income (AGI) of up to $75,000, and $1,200 to married couples with an AGI of up to $150,000.

President Biden has already laid out a COVID-19 response plan to go along with the new legislation and the possibility of passing more soon. We are approaching almost a full year since the pandemic struck the United States, and the longer it goes on, the more assistance will be necessary.

Please visit the Restore Your Economy COVID-19 Federal Resources page for updated resources.