Negotiations on a new coronavirus stimulus package are deadlocked. Congress is on recess and there is trillions of dollars separating the bills proposed by both parties. In an attempt to get something done, the GOP is set to release a “skinny” version of the HEALS Act. The bill, dubbed the “Delivering Immediate Relief to America’s Families, Schools and Small Business Act” is about 1/5th of the size of the CARES Act. Apparently, they decided to abandon the convention of naming a bill something that could have a clean acronym. Anyway, here’s what we know about the $500 billion proposed bill so far:
- It looks to mirror the unemployment benefits set out in President Trump’s executive order (watch THIS to learn more). The additional enhanced jobless benefit would be $300 per week.
- It DOES NOT include any stimulus checks. This is rather puzzling considering the stimulus payments had strong bipartisan support.
- It DOES include a second round of Paycheck Protection Program loans. These loans will be restricted to a much smaller segment of small businesses that have been demonstrably impacted by the pandemic.
- The bill allocates $105 billion for schools but allocates nothing for state and local governments.
If you like reading draft legislation, you can read it here.
Stay tuned to our Blog and Vlog for the latest updates. We’ll brief you on what matters and leave the minutia to the news outlets.
About Dark Horse CPAs
Dark Horse CPAs provides integrated tax, accounting, and CFO services to small businesses and individuals across the U.S. The firm was founded to save small businesses (and their owners) from subpar accounting and tax services and subpar client experiences. These small businesses are Dark Horses among their larger and more well-known competition. Being a Dark Horse CPA means advocating for small businesses by bringing them the tax strategies and accounting insights previously reserved for big business. Get a quote today.
