Avon to host meeting on new stimulus bill
Jan. 7 session to cover business options and more
The town of Avon will host a Jan. 7 virtual business roundtable to discuss the provision of the latest federal economic stimulus bill, as well as other relief programs initiated by the state of Colorado and Eagle County. The session begins at 2 p.m.
President Trump on Dec. 27 signed the Consolidated Appropriations Act, 2021 to provide additional federal relief in connection with the COVID-19 pandemic.
The act, a nearly 6,000-page bill, included within it a COVID-19 stimulus package that provides approximately $900 billion in emergency relief to business and individuals throughout the U.S. The act contains a variety of relief provisions aimed at helping individuals and businesses.
The act authorizes one-time direct, economic stimulus payments of up to $600 for individuals and $2,400 for families of four. Congress is still debating whether to increase these stimulus payments to $2,000 per individual.
The act extends (for 11 weeks) federal unemployment insurance benefits by $300 a week. Some individuals in Colorado may experience a delay in the processing of these $300 payments, with payments not beginning until the end of January, but such payments will be paid retroactively when made.
The act extends the temporary eviction moratorium through Jan. 31. It also provides $25 billion in tax-free rental assistance.
For businesses, the act provides a second Payroll Protection Plan loan of up to $2 million for smaller, harder-hit businesses that employ no more than 300 employees, demonstrate a loss of 25 percent of gross receipts in any quarter during 2020 when compared to the same quarter in 2019, and have used the full amount of their first loan before a second loan is disbursed.
The act also provides relief to businesses in the form of a variety of tax credits, including a tax credit for companies offering paid sick leave to workers during the pandemic. This tax credit effectively allows private companies to continue to provide certain COVID-19 paid leave offered to employees under the CARES Act, which expired Dec. 31.
The session can be found at https://us02web.zoom.us/j/87423617345.
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