TEMPLE, Texas — There is still plenty to unpack in the new 5,593-page stimulus/relief bill lawmakers passed Monday. Once the president signs it, however, there are at least three pieces of the bill that could affect central Texans right away.
Stimulus Checks
Treasury Secretary Steve Mnuchin told CNBC on Monday the new checks could be coming out as soon as next week.
"People are going to see this money at the beginning of next week," Mnuchin said. "I suspect it is needed in a short period of time and I think this will take us through the recovery."
The first people to receive the money should be those who already gave their direct deposit information to the IRS in order to receive tax refunds. Other Americans will receive a paper check or possibly a debit card.
Each taxpayer who makes under $75,000 will get $600 and another $600 for each dependent. Those who between $75,000 and $99,000 will get less, and those that make over $90,000 will not get a check. Locals should be careful not to throw mail away at this time, as previous stimulus payments came as debit cards from "Money Network Cardholder Services" and envelopes didn't always appear to be IRS-related.
Payroll Protection Program
Businesses will be glad to know that $284 billion will be added to the Paycheck Protection Program when the new legislation goes into effect. The program provides forgivable loans to small businesses for payroll and other expenses.
George's Managing Partner and Waco Restaurant Association Chapter President Kyle Citrano told 6 News on Tuesday the program had helped their restaurant keep staff on when the pandemic started, and will help them retain even more staff in the coming months.
"We have whole crews that work just for catering, and those are some of the people that I haven't been able to put back to work. So this can definitely help save jobs and save some people we weren't able to bring back," Citrano said.
Small businesses or independent contractors can apply to the program through any SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Learn more on the Small Business Administration Website.
The agency won't be able to receive applications until after President Trump signs the new stimulus bill, but Citrano recommends business owners start building a relationship with participating lenders right now and make sure that lender has all the information to get the process started.
"Make sure you got your ducks in a row so you are ready to go," Citrano said. "That's the biggest deal, to get in line first and as fast as you can and make sure you have your information available and ready to go."
CDC order halting evictions has been extended
The bill extends the order issued by the Centers for Disease Control which protects tenants from eviction if they are unable to pay rent. The order was extended to January 31, 2021. Tenants wishing to declare protection under the order must fill out a specific document during the eviction process and provide that document to their landlord and either the constable serving the eviction order or the court their eviction case is in.
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