Biden administration unveils another stimulus package

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President-elect Joe Biden released details about a stimulus package that his administration will put before lawmakers shortly after being sworn into office tomorrow. The incoming administration is asking for a $1.9 trillion package that will include money for state and local governments and funding for a nationwide vaccine rollout.

These are the provisions that small business owners need to be aware of in the proposal:

• $1,400 direct payments for Americans. This will be in addition to the $600 that Americans received from the latest stimulus package and will make the total $2,000 — an amount that Democrats and many Republicans were in favor of.
• $400 a week in additional unemployment benefits that will run through September
• Raising the federal minimum wage to $15 an hour. The current federal minimum wage is $7.25, though some states have already begun increasing their own wages to $15 an hour or more.
• $30 billion in support for small landlords. This could have a trickle-down effect of providing leniency to tenants who have been unable to get relief so far.

And a reminder that the second round of PPP loans is now open and the program closes on March 31.

Latest Developments

• Expected to receive a $600 stimulus check that never came? You may need to claim the money in your tax return instead.
• Construction firms are struggling to find workers even as more people join the ranks of the unemployed. Experts say the problem predates the pandemic and stems from a lack of experienced workers in the field and the misperception that construction isn’t a lucrative career.
• A new study finds that college campuses are likely superspreaders, which could have far-reaching implications for businesses in communities dominated by colleges and associated faculty and students.
• Travelers looking to come to the U.S. will now need a negative COVID test before they can board the plane.
• A host of tech firms are joining nonprofits and health organizations to create a health passport that will live in an app and could be required for everything from boarding a plane to attending a sporting event.
• Yelp is updating its services again in light of the pandemic. Reviewers can now give feedback on an establishment’s safety practices.
• A program in Oakland, Calif., is giving its small business clients a monthly stipend with no strings attached to see if the model could help close the racial wealth gap.

Conversations For You

• It’s a new year but the pandemic dominated small businesses’ 2021 planning, with a majority of owners and employees reporting being concerned about safety precautions. See what other top-of-mind concerns small businesses have and how they’re addressing them.

Resources

• LinkedIn author Scott Hoover has a great breakdown of how the employee retention credit works with the latest round of PPP loans. The good news is now business owners who received PPP loans can also receive the credit. Find out more.
• Singer and entertainer Beyonce launched a fund to help individuals impacted by the pandemic. She’s now giving grants to those who are facing foreclosure or eviction.

Something Good

• If you’re having a bad day, just be glad you’re not this guy.
• Definitely siding with the baby elephant.