Here’s a summary of some of the likely provisions of the nearly $1 trillion federal stimulus package, based on what the Wisconsin Technology Council is hearing out of Washington, D.C. The package will:
- Extend the Paycheck Protection Program (PPP) through March 31, 2021, and add deductibility for certain PPP expenses
- Give businesses experiencing severe revenue reductions an opportunity to apply for a second draw PPP loan
- Simplify the forgiveness process for loans of $150,000 and less
- Repeal the requirement of deducting an EIDL Advance from the PPP forgiveness amount
- Include 501(c)(6) organizations
- Provide $7 billion in broadband funding that includes nearly $2 billion to replace foreign-manufactured broadband equipment that poses national security threats; $300 million to build out rural broadband; and $250 million for telehealth
- Provide $13 billion to support farmers and the agriculture sector
- Provide $15 billion in funding for entertainment venues, movie theaters and museums that are experiencing significant revenue loss
- Provide $20 billion for purchase of vaccines that will make the vaccine available at no charge for anyone who needs it, plus money for vaccine distribution and to assist states with testing
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