Dec 30, 2020
A couple of days ago, President Trump signed into law a second stimulus package for COVID relief. This legislation includes $600 stimulus checks, more funding for the Paycheck Protection Program along with some updates to the rules, changes to the regulations related to loan forgiveness, tax deferrals, healthcare, and more. Throughout the episode, Grant dives into what these new updates are, how they relate to individuals, business owners, employees, and how you can take advantage of the provisions in the new stimulus package.
[02:05] The New Stimulus – What caused the first stimulus to be insufficient in some aspects, and how the political situation in the country has influenced the second stimulus legislation.
[06:22] Highlights – Grant reviews the main aspects relevant to our audience covered by this new piece of legislation.
[09:08] Checks From the Federal Government – Eligibility criteria for direct checks and the amounts available for single filers, joint filers, and households with eligible dependents.
[15:14] Gray Areas – The CARES Act had several loopholes and gray areas that caused controversy around the legislation. Grant shares his take on how these ambiguities may affect the new legislation.
[18:34] Paycheck Protection Program – The new stimulus contains a few major areas that are quite different from the previously passed CARES Act. Grant explains what these changes are and how they may affect business owners.
[29:50] Eligible Expenses – The new stimulus comes with some changes in the eligible expenses for the Paycheck Protection Program. Grant reviews the new categories that have been added to the eligible expenses.
[33:10] Help for Performing Arts Businesses – The new stimulus contains a $15 billion grant program for live venues or arts-related businesses. Grant explains how this program works.
[36:37] Covered Period & Forgiveness – How the forgiveness process works in the new stimulus act and how you can prepare for spending your loan funds in a way that increases the possibility of being eligible for loan forgiveness.
[43:00] Tax Deferrals – Updates on payroll tax deferrals that come with the new stimulus bill.
[46:03] More Updates – The new stimulus comes with several other updates related to unemployment benefits, itemized deductions, student loans, healthcare, and more. Grant reviews how you may take advantage of these new provisions.
[53:22] Rolling Out New Provisions – How the provisions in the new legislation might be implemented and what to expect in the next few weeks.
Resources:
Consolidated Appropriations Act, 2021:
www.congress.gov/116/bills/hr133/BILLS-116hr133enr.pdf