Important updates from the new $1.9 Trillion Covid Relief Bill signed by President Biden.
- $59 billion small business boost
- An additional $7 Billion has been added to the PPP program as well as $15 billion to the EIDL program.
- $25 Billion in grants have been set aside for restaurants and bars that lost revenue due to the pandemic
- Once guidelines are finalized, information can be found at the SBA website
- $360 Billion in State and Local Aid
- State governments will receive $195 Billion in aid while local governments and municipalities will receive $155 Billion in aid.
- An additional $10 Billion has been set aside for infrastructure
- Additional $25 Billion in Rental Assistance + $39 Billion in Childcare Grants
- $410 billion in direct checks
- Individuals making up to $75,000 a year will receive a payment of $1400, while joint filers making up to $150,000 will receive $2,800, in addition to $1400 per dependent regardless of age.
- $246 billion in extra unemployment help
- Jobless workers will get an extra $300 per week in federal cash through September 6th
- Expansion of Child Tax Credit and Earned Income Tax Credit
- The stimulus package includes a plan to raise the Child Tax Credit to $3,000; set the credit at $3,600 for parents of children under age 6 and make parents of 17-year-olds eligible. The plan would also make the credit fully refundable, so that low-income households would get the full benefit, no matter how little they earn. The bill provides a 20% boost in after-tax income to the lowest-earning 20% of households.
Paycheck Protection Program
PPP continues to be open for first time loan applicants and allows some businesses to apply for a second loan if they meet the following qualifications:
The SBA will continue to post updated information around guidance and eligibility here.
- Current economic uncertainty makes the PPP loan necessary to support ongoing operations
- The loan you request is $2 million or less
- The business has 300 or fewer employees
- The business used or will use the full amount of their first PPP loan
- The business can show a 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019
- PPP 2nd Round applications can be found here.
NPNA also created PPP 2nd Round Infographics in English here and Spanish here and you can watch the Paycheck Protection Program Round 2: Updates for Non-Profit Organizations & Small Business Borrowers: Here
Cook County Emergency Rental Assistance Program
Cook County Board President Toni Preckwinkle, Commissioner Alma Anaya (7th District), the Cook County Bureau of Economic Development and the Housing Authority of Cook County (HACC) announced the launch of a $72.8 million rental and utility assistance program to help suburban Cook County residents experiencing financial insecurity, due to the COVID-19 pandemic.
Funded by the Bipartisan-Bicameral Omnibus COVID Relief legislation passed in late 2020, the program pays up to 12 months of missed rent and utilities payments and up to 3 months of future rent payments. The program is designed for suburban Cook County renters and landlords. Payments will be made directly to landlords on behalf of tenants and will vary on need, family size, and eligibility.
Additional Resources can be found here: Cook County Recovery InitiativeCovid-19 Vaccine Updates
Illinois is currently in Phase 1B and the state will continue vaccinating eligible residents by appointment only.
Where to schedule a vaccine appointment?
- The easiest way to get vaccinated is to reach out to your medical provider directly.
- If you do not have a current doctor: