House Gives Final Approval To COVID-19 Relief Package

(From The Journal of Accountancy) House lawmakers Wednesday gave final approval to President Biden's $1.9 trillion coronavirus relief package, sending the legislation to his desk for his signature, which President Joe Biden is expected to sign into law. The House passed a similar version of the plan last month but had to approve changes to the legislation made by the Senate. The new version of the bill includes changes to some of the tax provisions in the original bill, including stricter limits on who would receive economic impact rebates, which remained at $1,400 for many individual taxpayers. The updated bill also:

• Makes it possible for eligible entities that receive a first- or second-draw Paycheck Protection Program (PPP) loan after Dec. 27, 2020, to also receive a Shuttered Venue Operators Grant (SVOG).
• Extends through Sept. 6 a $300-per-week supplement to federal unemployment benefits that would have expired March 14. The House version of the bill had boosted the supplement to $400 per week through Aug. 29, but the Senate kept the payment at $300, extended the program an extra week, and also made the first $10,200 in unemployment benefits tax-free in 2020 for taxpayers making less than $150,000 per year.
• Provides assistance for K-12 education and colleges and universities.

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