December 21, 2020
With the pandemic continuing to cause incredible distress to millions in America, the US Congress and Michigan legislature have passed bills to rescue the economy and ensure the wellness of the population.
Highlights of the Michigan Relief Package:
» Michigan package is for $100 Million
» Will include grants up to $20,000. Small businesses including restaurants will benefit. Total funding is $55 million
» A significant portion $45 million of the funds will fund the extension of unemployment payments.
» The relief bill also includes $3.5 million for grants of up to $40,000 each for live music and entertainment venues
It is expected that the process to disburse the funds will start in January 2021.
Highlights of the Federal (US) Relief Package
» Relief package total is $900 billion.
» A direct payment of $600 to most adults. Children are also eligible.
» The Paycheck Protection Program small business loans will get funded - $284 billion
» Small business grants will total $20 billion
» Live event venues will get a funding of $15 billion
» The rescue package will fund the procurement and distribution of vaccines - $30 billion
» The transportation industry will receive $45 billion in funding including $15 billion to airlines
» Unemployment payments will be boosted by an additional $300 (not clear on total duration)
» Rental assistance program to be funded by $25 billion
» Schools and colleges to receive $82 billion
Please stay tuned for more updates while the details are being finalized.