New COVID-19 Relief Package Passed December 21, 2020

On December 21st, Congress approved a $900 billion COVID-19 relief package, of which at least $1.7 billion will aid Hawaii. The bipartisan deal includes: an extension of unemployment insurance; direct cash payments to individuals; assistance for schools, vaccine distribution, hospitals, and health care workers. In addition, support offered to small businesses includes:

  • Businesses with 300 or fewer employees that have sustained a 25% revenue loss in any quarter of 2020 can receive a second forgivable PPP loan
  • Forgivable expenses are expanded to include supplies costs, investments in facility modifications, and purchases of personal protective equipment (PPE)
  • Business expenses paid for with PPP loans are now tax deductible
  • Expanded eligibility for nonprofits, local newspapers, and TV and radio broadcasters
  • PPP forgiveness process simplified for loans of $150,000 or less

For additional information and ongoing updates on the complete provisions of the package, see https://www.schatz.senate.gov/coronavirus