ROCHESTER, N.Y. (WROC) — The $900 billion Coronavirus Relief Bill passed by Congress and awaiting the President’s signature promises help for individuals and businesses.
CPA John Rizzo, the Managing Partner at RDG+Partners, discussed the large spending plan Wednesday during News 8 at Noon.
“The big topic here is the direct payments to individuals,” said Rizzo. “So right now it’s slated to be $600 per individual and $600 per child and there are some income thresholds there. If you’re single $75,000 is the income and if you’re married it’s $150,000. So, this is big news for individuals and families.”
Additional unemployment benefits are included for those displaced from work by the pandemic. “There’s some good news here too, though not quite as good as before from the initial stimulus package,” explained Rizzo. “The initial had $600 of additional unemployment for those unemployed and impacted by the pandemic and need to stay home. It’s now $300. So the federal government has added $300 and they’ve also extended the time period, so it’s going to go out an extra 11-weeks taking you into the middle of March, March 14. So there is some extra relief there for those who are not working right now.”
Business owners will also be able to seek relief and try to keep the payroll primed. “It’s the same program from before, so the Paycheck Protection Program is back,” Rizzo said. “The intent of that is to try to keep people employed and get money into these businesses. They’ve put a good amount of money into that, almost $285 billion are going into that program. Businesses are able to borrow up to $2 million there and most of that ends up being forgiven. There is an extra clause in here for restaurants. Relief to restaurants is coming. Restaurants are allowed to receive up the 3-1/2 months of payroll, where before it was only 2-1/2 months. And for other businesses there is now – you have to show an economic impact this time in this program and what that is is you have to show that you had a decline of 25 percent or more in your revenue over any quarter of this year.”
Rizzo said as proposed, the new spending plan would bring the federal government’s relief efforts up to $3 trillion since the start of the pandemic. “Whoever thought this would be continuing still? It’s crazy, but the government is stepping up. The money is here. There are other areas. There’s rental assistance. There’s $25 billion for that. There are other areas for education and child care as well.”