Business · COVID-19

Congress reaches deal on coronavirus stimulus, includes PPP and direct payments

Senate Majority Leader Mitch McConnell announced Sunday that Congress has reached an agreement on a COVID-19 relief bill, Nexstar reported.

“As the American people continue battling the coronavirus this holiday season, they will not be on their own,” McConnell said in a tweet. “Congress has just reached an agreement. We will pass another rescue package ASAP. More help is on the way.”

The deal includes a $600 check for individuals who make up to $75,000 per year.

Though it’s the same income cap included in the March CARES Act, the amount of the check is half of the $1,200 for individuals that was included in the earlier bill.

The stimulus agreement, incorporated within a must-pass omnibus spending bill, also sets aside $319 billion for small businesses – with $284 billion for loans given through the Paycheck Protection Program, $20 billion in EIDL Grants, and $15 billion for live venues, independent movie theaters, and cultural institutions.

Staff reports from The San Joaquin Valley Sun staff.