Guide to Dec 21 Relief Bill

Here is a summarized synopsis:
The nearly $900 billion package includes: 

• $284 billion in 2nd round forgivable PPP loans which includes an increase for individual loans from 250% of average monthly payroll to 350% of average monthly payroll for hotels & restaurants
   
• Expanded eligibility for 501 C6 nonprofits such as convention and visitors bureaus and tourism-related non-profit organizations
   
• PPE costs as a new allowable expense;
   
• Simplified PPP loan forgiveness application for loans under $150k;
   
• Ability to deduct expenses paid for with forgivable PPP loans;
   
• One year extension for Troubled Debt Restructuring (TDR) relief (Section 4013 of the CARES Act).
   
  • Allows banks to continue to work with borrowers to gain additional forbearance and debt relief through 2021;
     
• 100% business meal deductibility for 2021 and 2022;
   
• Expanded and enhanced Employee Retention Tax Credit;
   
• Five year extension of the Workforce Opportunity Tax Credit (WOTC)

The relief package also includes:

• Direct payments to individuals: $600 for an individual making up to $75,000 a year; $1,200 to a couple making $150,000 a year and $600 for each child dependent;
   
• An additional $300 a week will go to individuals receiving unemployment benefits;
   
• $25 billion for emergency rental assistance
   
  • Extends the Cares Act’s eviction moratorium until Jan. 31;

Many national hospitality and tourism associations such as the American Hotel and Lodging Association, National Restaurant Association, and U.S. Travel Association have spent months urging lawmakers to help the people and industries most affected by COVID-19. Those efforts have been strongly supported by grassroots actions taken by industry representatives, including members of HTN.