Below is a summary of each proposal:
|
HEROES Act (Democratic) |
HEALS Act (Republican) |
Total Cost of Proposals |
$3 trillion |
$1 trillion |
Paycheck Protection Program |
Expanded eligibility, eliminates 75% of payroll requirement, extends application period to Dec. 31, 2020 |
Adds $190 billion to PPP Fund, expands eligibility, allows businesses to request a second loan, expands approved uses for forgiveness |
Employee Tax Credit |
Increases tax credit to 80% of up to $15k in wages |
Increases tax credit to 65% of up to $30k in wages |
Stimulus for dependents |
$1,200 for each dependent not to exceed 3 |
$500 for dependents – no age limits |
Employee Bonus who are rehired or start new job |
Not mentioned |
Provides a return to work bonus of up to $450.00 per week for unemployed workers who secure a new job or are rehired |
Enhanced Unemployment |
Same as CARES Act ($600/week) |
$200 per week initially. Up to $500/week to match 70% of lost wages when added to state benefits |
Funds for COVID-19 Testing |
Not mentioned |
Provides for $16 billion for testing |
Liability Protection from Coronavirus Illness |
Not mentioned |
5 year liability to prevent businesses, schools, and hospitals from being sued over COVID-19 related issues |
Eviction Protections |
Expands to cover nearly all rental properties, extends moratorium for an additional 12 months, allocates $200 billion for housing and $100 billion for rental assistance |
Not mentioned |
At the time that this blog is published, both Acts remain proposals. If either proposal passes the Senate and House, it could be signed as early as October by the President. It is rather unlikely that funds would be released in that scenario until mid-December.
We will pass along updates as we become aware. If you need guidance on PPP loans or forgiveness, or have questions about options available to your small business, please contact us at www.Budgetease.biz or by clicking below. You can also read our other publications at our COVID-19 Resource Center, as well as read this helpful article about 4 Simple Tips to Be Prepared for the Next PPP Opportunity.