COVID-19 Relief Plan
Last Thursday, President Biden (who was just sworn into office this morning) unveiled his new $1.9 trillion COVID-19 relief plan, titled the American Rescue Plan. Included is much needed relief that may apply to you and/or your agents as outlined below:
• Overall Relief:
$1,400 direct relief checks to supplement the $600 checks included in the CARES Act II. It would also, among other things, increase the per-week federal unemployment benefit to $400 and extend it through September; extend eviction and foreclosure moratoriums through September; put $50 billion toward COVID-19 testing; and put $20 billion toward a national COVID-19 vaccine program in partnership with states, localities and tribes.
• PPP:
C.A.R. includes links to a variety of fintech and community lenders in its FAQ. Additionally, SBA has released a one-page PPP loan forgiveness certification form, which can be used to apply for loan forgiveness by all PPP borrowers who took out loans of $150,000 or less.
• PUA:
The EDD continues to implement the changes required by CARES Act II. More members have reported being able to certify for benefit weeks through January 9, but many members have still not had the changes applied to their EDD accounts. EDD has suggested it will take another two weeks for changes to be implemented for all accounts. Members receiving UI or PUA benefits should regularly check their EDD UI Online page for updates. There is no need to reopen a claim if updates have not been applied to the claimant’s account. Members who are invited to certify for benefit weeks through January 9 have been updated, and members should certify promptly. Also, members whose accounts have been suspended for ID verification or suspected fraud should promptly follow procedures provided in the notice of suspension as verification must be completed within 10 days of the notice.
530-583-0275
sue@tahoemls.com
