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House Passes PPP Extension Act of 2021

On March 16, the House passed 415-13 H.R. 1799, the PPP Extension Act of 2021. The bill would extend the Paycheck Protection Program (PPP) loan application deadline to May 31 from March 31 and give the Small Business...more

House to Vote on PPP Extension

With the Paycheck Protection Program (PPP) set to expire on March 31, lawmakers have struck a deal to extend the program for two months through the end of May. Leaders of the House Small Business Committee, Chair Nydia...more

Democrats Unveil COVID-19 Bill Text Ahead of Markup

On Feb. 8, House Ways and Means Committee Chair Richard Neal (D-MA) released text representing its portion of Democrats’ $1.9 trillion COVID-19 stimulus legislation, modeled after President Joe Biden’s American Rescue Plan....more

Biden Unveils American Rescue Plan

On Thursday, Jan. 14, President-elect Joe Biden unveiled the American Rescue Plan (ARP)—a $1.9 trillion COVID-19 relief proposal his administration will pursue shortly after taking office on Wednesday, Jan. 20. The...more

Employee Retention Tax Credit – Updates and What to Know for Your Business

On Dec. 20, 2020, the House and Senate passed H.R. 133, the Consolidated Appropriations Act of 2021 (“CAA”), which includes a significant expansion of the Employee Retention Tax Credit (“ERTC”) through June 30. The ERTC...more

Congress Passes Omnibus, COVID-19 Relief

On Dec. 20, the House and Senate passed H.R. 133, The Consolidated Appropriations Act of 2021. The bill includes a $900 comprehensive package to provide COVID-19 relief to businesses and individuals, including a second round...more

SBA Begins Issuing Loan Necessity Questionnaires to Certain PPP Borrowers

Last week, the Small Business Administration (SBA) began asking SBA Paycheck Protection Program (PPP) lenders to issue over 50,000 loan necessity questionnaires to borrowers that received $2 million or more in funds from the...more

Coronavirus Economic Response Update: COVID-19 Negotiations Still Stalled

This weekly newsletter outlines the latest developments in Washington, including major tax, small business and financial services developments in the negotiations on Phase Four legislation and regulatory guidance from various...more

Coronavirus Economic Response Update: White House Acts as Negotiations Stall

What to Expect—the Next Economic Recovery Package - Hear Ye, Here Ye! On Saturday, President Trump took executive action to defer payroll taxes, set up an assistance program for lost wages to supplement unemployment...more

Senate GOP Releases COVID-19 Stimulus Bill—HEALS Act

On Monday, July 27, Senate Majority Leader Mitch McConnell (R-KY) released a $1 trillion stimulus package in response to the ongoing effects of the COVID-19 pandemic. The Brownstein Tax Policy Team has summarized the...more

HEALS Act Comparison to HEROES Act and Current Law

On Monday, July 27, Senate Majority Leader Mitch McConnell (R-KY) released the Health, Economic Assistance, Liability and Schools (HEALS) Act—a $1 trillion stimulus package in response to the ongoing effects of the COVID-19...more

Coronavirus Economic Response Update: June Jobs Report Signals Recovery

This weekly newsletter outlines the latest developments in Washington, including major tax, small business and financial services developments in the negotiations on Phase Four legislation and regulatory guidance from various...more

Summary and Analysis of House Democrats’ Infrastructure Bill

On June 22, House Democrats released the text of H.R. 2, the Moving Forward Act, a $1.5 trillion comprehensive infrastructure package. In addition to funding traditional infrastructure priorities—surface transportation, rail...more

PPP Deadline Fast Approaching as SBA and Treasury Announce Enhanced Transparency

The deadline to apply for the Paycheck Protection Program is fast approaching. The deadline to apply is Tuesday, June 30. Approximately $144 billion remains available, and the rush on the forgivable loans has slowed....more

Coronavirus Economic Response Update: Phase Four Pushed to July

Congress continues to debate legislative proposals related to the next COVID-19 package, though a final package is not expected until late July. This weekly newsletter outlines the latest developments in Washington, including...more

Updates to the PPP Following New SBA Guidance

Just as the federal government’s approach to the coronavirus is dynamic and evolving, so are the rules for small business loans made in response to the pandemic. On June 11 and June 12, 2020, the Small Business Administration...more

Coronavirus Economic Response Update: Competing Priorities Cloud Phase Four

Last week, House Democrats unveiled and passed the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES) Act, a $3 trillion stimulus package to address the effects of COVID-19 on businesses, state and local...more

Analysis of Economic Provisions in HEROES Act

On May 12, House Democrats unveiled the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES) Act. Democratic leadership intends to bring the legislation to the floor for a vote on Friday. The bill is the...more

Coronavirus Economic Response Update: The Road to Recovery

As an increasing number of governors plan to reopen state economies, Congress is under pressure to pass a fourth stimulus package to help businesses and individuals navigate economic recovery. This weekly newsletter outlines...more

Opportunities for Small Business in the CARES Act of 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides assistance to small businesses impacted by COVID-19. Congress did not, however, provide a one-size-fits-all solution. Instead, small businesses must...more

Five Big Things to Watch in CARES Act Implementation

The CARES Act, which appropriated approximately $2 trillion to save the American economy, was written in just under a week, reflecting Congress’s bipartisan urgency in mitigating COVID-19’s economic toll on workers and...more

Analysis of Senate-Passed CARES Act

On March 25, the Senate approved a $2 trillion stimulus package, the Coronavirus Aid, Relief, and Economic Security Act, to address the economic and health impacts of the COVID-19 pandemic. The bill now moves to the House for...more

Coronavirus Economic Update - March 2020 #3

As the U.S. economy grinds to a halt, the Senate’s Phase Three negotiations have continued past the Republicans’ self-imposed deadline. In the meantime, House Democrats have unveiled Phase Three legislation of their own,...more

Coronavirus Economic Update - March 2020 #2

With Phases One and Two of the economic stimulus now complete, Senate Republicans made the opening move in Phase Three negotiations with the introduction of the CARES Act. House Democrats are preparing to unveil their own...more

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