CARES Act Developments and Newly Proposed Fiscal Stimulus Legislation as of December 31, 2020

December 31, 2020 – Last week President Trump signed into law a much-anticipated $900 billion stimulus package as part of a $1.4 trillion omnibus spending bill, after unexpectedly threatening to veto it. 

Regulatory Developments Relating to the Pandemic

Main Street Lending Programs Facilities Extended to January 8, 2021

On December 29, the Federal Reserve Board extended the termination date of the Main Street Lending Program to January 8, 2021 in order to allow more time to process and fund loans that were submitted to the Main Street lender portal on or before December 14, 2020.

• Press Release: https://www.federalreserve.gov/newsevents/pressreleases/monetary20201229a.htm

Legislative Proposals

The Coronavirus Response and Relief Supplemental Appropriations Act

On December 27, six days after Congress passed legislation authorizing $900 billion in pandemic relief and economic stimulus, President Trump signed the bill into law.  In a statement from the White House about signing the bill, President Trump urged Congress to increase direct payments to individuals from $600 to $2,000. 

• Press Release: https://www.whitehouse.gov/briefings-statements/statement-from-the-president-122720/

H.R. 9051: Caring for Americans with Supplemental Help (CASH) Act of 2020

On December 28, the House of Representatives passed legislation introduced by Representative Richard Neal (D-MA) that would increase to $2,000 the direct payments to individuals established by the recently-passed Coronavirus Response and Relief Supplemental Appropriations Act (CRRSA).  The bill includes the same payment eligibility requirements established by CRRSA.  Senate majority leader Mitch McConnell (R-KY) indicated that the Senate would not vote on the bill.

• Press Release: https://waysandmeans.house.gov/media-center/press-releases/chairman-neal-introduces-cash-act-provide-2000-payments-americans-need
• Text of Bill: https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/The%20CASH%20Act.pdf

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