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What will businesses get in the economic relief package?

The economic package goes beyond stimulus checks
Virus Outbreak Congress
Posted at 1:03 PM, Dec 22, 2020
and last updated 2020-12-22 16:06:15-05

WASHINGTON — Stimulus checks and unemployment benefits may be getting a lot of the headlines, but plenty of businesses stand to gain from Congress' latest economic relief package.

After all, while $600 stimulus checks for those making under $75,000 a year and $300-a-week unemployment bonuses for those out of work will help many struggling, aid to businesses may prevent millions of layoffs in the coming months.

AIRLINES

The airline industry has been hit particularly hard this pandemic. The new relief package provides $15 billion to airlines to keep their payrolls operating.

American Airlines and United Airlines have already indicated they will begin hiring back furloughed employees as a result of the infusion of cash.

ENTERTAINMENT VENUES

The arts have been impacted greatly during this pandemic and shows are expected to be canceled throughout much of 2021.

The bill provides $15 billion for entertainment venues and the arts to help offset losses.

RESTAURANTS

The restaurant industry has struggled for nearly a year now and no targeted relief is included in the bill.

Restaurants owners will have access to more than $300 billion dollars' worth of Paycheck Protection Program loans, however.

This time they will be able to receive higher amounts and use the loans for more things other than payroll, such as remodeling their facility to make it safer or buying perishable items.

LANDLORDS

$25 billion is included in rental assistance to help tenants pay the rent. This in turn helps landlords who have struggled as well with some tenants being out of work and behind on payments. Congress also extended the moratorium on evictions through the end of January.