CARES Act II Proposal includes Second PPP Loan

In a speech delivered on the Senate Floor, Majority Leader McConnell confirmed some of the details in the next stimulus package. In what many are referring to as CARES ACT II, the Majority Leader confirmed the following…
– Another round of stimulus checks identical to the first one is in the proposal. This round of $1,200 checks is supposed to carry a total price tag of $300B.
– Another round of PPP Lending is also included. I have not seen any of the particular details about this round. In the Senate Speech, the Majority Leader said that the loans would be provided, “with a special eye towards hard-hit businesses.”
No one is saying exactly what that means. Earlier in the week, they had floated the idea that the second forgivable loan would only be offered to businesses that were down more than fifty percent. We will need to wait to get the particulars.
– Nothing has been said about extending the additional $600 per week in Unemployment Benefits. It is assumed at this point that they will be extended, but the amount will probably be reduced in order for people to have an incentive to return to work.
– The proposal also reportedly includes aid for schools, money for testing, and a liability shield for businesses against C-19 related legal claims.
This is the starting point that we have all been expecting. Now the bill needs to go into heavy negotiations with the other side of the aisle that had already passed The Heroes Act two months ago. We expect something to get done prior to the Unemployment Benefits running out at the end of this month, so stay tuned.
Let me leave you with this one thought…
In a move that many expected, Chicago’s Mayor has again begun closing businesses that had already reopened in Phase Four. As of this morning…
– Bars can no longer operate indoors.
– Maximum party size for indoor restaurant seating is reduced to six persons.
– Indoor fitness classes are reduced to a maximum of ten people.
– Personal services requiring the removal of masks are no longer permitted.
For those of you who are affected, I can only say that you need to hold on. Sooner or later things will get better. It’s obvious that Washington will be sending more help sooner rather than later.
Try to maintain your sanity. I realize that there isn’t any end in sight at this point, but it will end. Spend some time this weekend enjoying yourself. It’s going to be a beautiful weekend. Get outside with your family and try to soak some of it in.
Monday is coming. And only whatever God you pray to has any idea what we are going to get hit with next week. But no matter what it is, we’re all going to get through this together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything that you, whether you are a current client or not, you have but to ask. I here and I remain,
Sincerely yours,
Chris Amundson
Accounting Solutions Ltd.
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