After intense deliberation, Donald Trump finally signed the Coronavirus Relief Bill, approving a $900 billion relief package. This bill modifies some of the first propositions made in the CARES Act.

Here’s a breakdown of key points you need to remember as both a gig worker and a business: 

1. $600 More For Each Individual 

The bill approved a one-time $600 payment for each individual who suffers from the COVID-19 financial difficulty and any dependent member aged 16 and below. It is worth mentioning that there will be $1200 for married couples and joint fillers.

To be qualified for the full payment, you will need to have earned less than $75000 as an individual or, for married couples and joint fillers, $150000 during 2019.

2. Second Round Loan For Businesses

The government has approved $285 billion for the Paycheck Protection Program (PPP) to give extra support to businesses that have struggled to survive during 2020.

Although the second round of the PPP is more flexible, its forgiveness is not taxable; businesses need to have less than 300 employees and prove a decrease of 25% on their profits during the first, the second, or the third trimester of 2020.

3. Unemployment Benefits

Workers who receive unemployment benefits are qualified for $300 extra per week. The bill also confirms the Pandemic Unemployment Assistance (PUA) program’s extension and promises extended support to the independent contractors, self-employed individuals, and gig workers. The bill also includes a Pandemic Emergency Unemployment Compensation (PEUC) for the individuals who have already depleted their benefits.

4. Rental-Evictions Ban

There is a ban on evictions until January 31, 2021, as the bill confirms $25 billion for rental relief. That money will be spent on unpaid rents and utility bills.

5. No Relief For Student Loans

The bill does not include any relief or patience for student loans. However, President-elect, Joe Biden, may change this term and accept canceling part or all student loans.

6. No Extension To State And Local Funding

The bill does not include any extension to the State and Local funding, but it does extend the deadline for the spending of the previously funded budget.

7. Liability Protection

After plenty of negotiation and consideration, there is no positive outcome on the bill for the authorization of liability protections for companies due to the coronavirus.  

8. $20 Billion Extra According To The SBA’s Economic Disaster Injury Loan (EIDL) Program

Eligible businesses, independent contractors, gig workers, and self-employed individuals are qualified for non-refundable, up to $10,000 in grants. However, to be eligible, you need to 1) be in a low-income community, or 2) suffer from higher than 30% of income loss for eight consecutive weeks between March 27, 2020, and December 17, 2021, or 3) employe less than 300 individuals, or 4) be on the qualified small businesses categories or be a non-profit organization, or finally 5) be operating by January 31, 2020.

9. $15 Billion Aid For Culture

Theatres, cultural institutions, and venues are eligible for financial support.

10. Extensive Health Measures

Almost $70 billion is approved for the health sector. For the state’s help, an immense amount of vaccines have already been purchased and distributed to the public.

Of course, the Coronavirus Relief Act is not limited to the above. The full text is 5,593 pages and analyzes many more aspects. However, the above list includes measures that have a significant impact on the public.