President Signs Coronavirus Relief Package into Law

On Sunday evening December 27, President Trump signed the legislation providing for $900 billion in coronavirus relief, including a $1.4 trillion omnibus spending bill. The measure injects emergency relief funds into the economy and averts a federal government shutdown.

The fate of the relief package and omnibus was uncertain since it passed Congress on December 21, due to the president saying he may not sign it over the amount of direct payments to qualifying individuals. In the end, the president signed the bill into law without changes to the bill. The coronavirus relief package and omnibus includes several PIA priorities, including a second draw for Paycheck Protection Program (PPP) loans, the elimination of a surprise tax on PPP loan recipients, and a streamlined loan forgiveness process for some PPP borrowers.

The House and Senate may consider legislation this week to increase the amount of individual direct payments to qualifying individuals from $600 as it stands in the bill signed last night, to $2,000.