A jam-packed, 5,000-page bill was released yesterday, Dec. 21, and includes nearly $300 billion in Paycheck Protection Program loans, direct payments of $600 to most Americans, and $15 billion in aid to movie theaters, live event venues and cultural museums. The total relief plan totals some $900 billion.
According to CNBC, the bill puts $284 billion into PPP loans, which can be forgiven, and allows hard-hit small businesses to draw a second round of funding. The deal also gives $600 to many Americans (including $600 per child) – down from the $1,200 payment passed in March as part of the CARES Act.
Those who qualify for the direct payments include individuals who earned up to $75,000 per year and couples who made up to $150,000 in 2019; the payments will phase out until they stop for individuals and couples who made more than $99,000 and $198,000, respectively.
Restaurants were not specifically addressed in the legislation, and unsurprisingly, neither were arcades and FECs.
