The 99.5 Percent Act has been proposed in the Senate, which could result in the most extensive changes to the federal estate and gift tax in decades.
If your business missed an opportunity to apply for government relief, or you were denied for lack of funds, there is another wave of relief in sight. The Senate and House have passed a new bill, the Paycheck Protection Program and Health Care Enhancement Act, which, in part, adds additional funds to the Paycheck Protection Program, economic injury disaster loans and emergency grants.
The CARES Act, with the goal of helping small businesses financially survive the COVID-19 pandemic, allocated money for both loans and grants and expanded upon which businesses are eligible for such funds. The funds provided to businesses under the CARES Act were quickly depleted due to the high demand, leaving many businesses empty handed. Under this new Senate bill, $320 billion is allocated to the Paycheck Protection Program, while $60 billion will be allocated to the Small Business Administration’s Economic Injury Disaster Loan fund. These additional funds aim to keep businesses afloat during these trying times.
This new bill also expands upon the emergency Economic Injury Disaster Loan by making farms and other agricultural programs with no more than 500 employees now eligible for these loans or grants.
This bill moves to the President’s desk, who has indicated he would sign the legislation into law. This is likely not the last of relief legislation we will see, as this replenishment is being described as interim relief before another round of major relief legislation.
Gawthrop Greenwood and its team of lawyers will continue to review legislation and governmental decisions as they unfold, as we are committed to providing guidance to our clients. If you have any questions, please do not hesitate to call us at 610-696-8225