The House of Representatives and Senate reached a compromise that will be voted on later today. The 5,000-page bill includes several key provisions that were supported by the Premium Cigar Association and measures that will aid both retailers and manufacturers in COVID-19 recovery. The measure is a $900 Billon bill that features stimulus checks, unemployment aid and tax simplification, deductions, and more.
PCA Supported Provisions:
- Aid for struggling small businesses, including more than $284 billion for forgivable Paycheck Protection Program loans and $15 billion “in dedicated funding for live venues, independent movie theaters, and cultural institutions”
- $25 billion for rental assistance and an eviction moratorium extension
- A tax credit “to support employers offering paid sick leave”
- Lawmakers extended an additional lifeline to small businesses in the next round of Covid stimulus: more forgivable loans and the ability to take a tax write-off for covered expenses.
- The legislation also creates a simplified forgiveness application for businesses that took PPP loans under $150,000.
- Temporary Allowance of Full Deduction for Business Meals for food and beverage paid or incurred before January 1, 2023
Other Key Provisions:
- Direct payment checks of up to $600 per adult and child
- $300 per week for enhanced unemployment insurance benefits
- $82 billion for education providers like schools and colleges, including aid to help reopen classrooms safely
- $10 billion to help with childcare assistance
- $13 billion in increased Supplemental Nutrition Assistance Program and child nutrition benefits
- $7 billion to bolster broadband access to help Americans connect remotely during the pandemic
- Funding totaling in the billions of dollars to support coronavirus vaccine distribution, testing and contract tracing efforts and health care workers
- The bill includes a provision which instructs the United States Postal Service to promulgate regulations to clarify the applicability of the prohibition on mailing of e-cigarettes within 120 days of enactment.