Congress is in the process of completing a new COVID-19 stimulus package that includes a new round of Paycheck Protection Program (PPP) loans, tax relief, and other measures, with votes set for today. Congress will ultimately pair the deal with additional legislation to fund the government for the next fiscal year.
The roughly $900 billion spending measure will include stimulus checks of $600 per individual, an extended eviction moratorium, and enhanced unemployment insurance of about $300 a week, according to a summary released by House Republicans.
The package also comes with a variety of measures that were supported by AOPA, including:
- A new round of PPP loans, with about $284 billion earmarked for the program. It also comes with expanded eligibility for so-called 501(c)(6) nonprofits which were left out of the original program.
- Expenses paid with PPP loans will now be considered tax deductible, officially reversing an IRS decision made earlier in the year.
- $20 billion for the Economic Injury Disaster Loan Program.
The full legislative text for the stimulus deal has not yet been released, thus, it is unclear if additional issues within the PPP will be addressed, such as changes to the forgiveness of original PPP loans or whether what will be considered a forgivable expense will change.
AOPA is disappointed that Congress chose not to include portions of the Medicare Orthotics and Prosthetics Patient-Centered Care Act, such as statutorily distinguishing O&P from Durable Medical Equipment, in the stimulus bill. However, House leaders have already committed to another COVID package following the inauguration of President-elect Joe Biden, and AOPA’s legislative champions are already working for the bill’s reintroduction and inclusion in that package. We’ll have more information and ways to get involved with those efforts early next year.
For any questions on the COVID-19 stimulus bill, the Paycheck Protection Program, or AOPA’s advocacy efforts, please contact Justin Beland at firstname.lastname@example.org. Thank you for your continued advocacy efforts, and happy holidays.