Earlier this week, the House of Representatives approved the Senate changes to the $1.9 trillion COVID relief bill and President Biden without any delays at all, signed it into law yesterday. Aside from the direct stimulus payments of $1400 to most Americans under certain income levels, the bill includes an additional $7.25 billion going to the Paycheck Protection Program along with an additional appropriation to the Economic Injury Disaster Loan Grant of $15 billion. Furthermore, it establishes a new Restaurant Revitalization Fund funded at just under $29 billion and it has been confirmed to the Coalition of Franchisee Associations (CFA) that franchisees with fewer than 20 locations will be eligible for funding. Additionally, the bill sends another $1.3 billion directly to the Small Business Administration, mostly in new administrative funding to carry out small business aid and loan programs. The legislation, which passed essentially on a party-line vote (no republicans voted for the final bill in either the House or Senate and one House democrat voted against it) in both branches of Congress, also extends an unemployment premium of $300 per week through September 6, 2021 and makes the first $10,200 in unemployment benefits tax free in 2020. Additional provisions subsidize the costs of employee health insurance costs (explained in further detail below). Furthermore, the bill extends the Employee Retention Tax Credit to December 31, 2021 and the Paid Leave Credit to September 20, 2021 increasing it to $12,000 (up from $10,000) per employee. We’ll provide more details as soon as we can.