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by MICPA | Mar 9, 2021
It’s official. The third federal pandemic stimulus bill is headed to the White House for a final signature from President Biden. Conceptualized even before the passage of the second relief bill in December, for many, the focal point of the legislation has been direct payments (up to $1400 for those eligible), unemployment benefit expansions ($300 now, down from $400) and an increase in the federal minimum wage (struck down in the Senate). While those are crucial elements for any worker in today’s environment, businesses hit hard by the pandemic want to know what this package means to their bottom line. For the trusted advisor, here is a breakdown of the bill’s contents for small businesses and impacted industries according to Inc.:
Those working in the governmental accounting space will see additional funding for state, local and Tribal governments. According to CNN, provisions for the public sector account for $350 billion of the overall $1.9 trillion bill.
The MICPA will continue to track developments related to federal aid for small businesses impacted by the COVID-19 pandemic.
Source: MICPA
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