Now that Congress is back in session, lawmakers are again trying to pass a COVID-19 stimulus bill that could help your business survive the pandemic and keep workers on payroll.
Senate Republicans released a trimmed-down version of several other proposals this week after negotiations stalled last month before lawmakers left the capitol. The bill includes a federal boost for unemployment benefits, more money for small businesses, liability protections for employers and other measures, CNN reports.
Paycheck Protection Program revival
The GOP proposal would allow some small businesses to apply for another loan from the Paycheck Protection Program, the widely popular small business loan program through the Small Business Administration that provided forgivable loans if certain employment benchmarks are kept.
Under the proposal, companies with fewer than 300 employees that have seen a drop of atl east 35% of their revenue during the first or second quarter of 2020 could apply for a new loan. The amount a business can receive was reduced from $10 million to $2 million, but companies have more flexibility on how that money can be spent.
Read Next: COVID-19 Stimulus Talks Stall: What It Means For Your Business
Unemployment benefits
Layoffs and furloughs have been an unfortunate reality in many businesses since March, and that includes pro AV. One of the popular features of the CARES Act, passed in March, was an extra $600 of weekly federal unemployment checks on top of state benefits. That expired last month, but the new bill includes $300 weekly payments.
The thinking here is that too much in unemployment benefits incentives workers to remain unemployed and delays their job search. According to CNN, this is in addition to a $300 weekly payment authorized by President Trump last month, but that’s only expected to last a few more weeks.
Liability protections
The slimmed down bill would also provide employers with protections in coronavirus-related lawsuits brought by employees. Per the proposal, organizations wouldn’t be held liable unless certain conditions are met. Claims must provide “clear and convincing evidence” that the employer didn’t make reasonable efforts to comply with safety guidelines and standards, that the employer was negligent or willfully caused the exposure, and that the exposure caused personal injury.
The bill doesn’t’ include direct payments to Americans, although previous GOP proposals did.
According to CNN and other media reports, this bill isn’t likely to gain enough support from either party, so we’ll likely be back to the drawing board once again.
