The $1.9 trillion stimulus package final vote may be in the House Tuesday or Wednesday, beating the March 14 deadline to preserve a $300 per week unemployment supplement. Meanwhile, both the Targeted EIDL Grant programs and PPP loan programs for small businesses continue to see positive progress.
Stimulus Package May Be Signed Into Law End of Week
Over the weekend, the Senate passed the $1.9 trillion stimulus package 50-49. Because of the changes made in the Senate, it has to go back to the House once more for a final vote. That vote is expected today or tomorrow without changes to the bill. Once the bill passes in the House, President Biden will be able to sign it into law.
As soon as the Bill is signed into law, the $300 weekly unemployment supplement will be able to continue. Plus, the Treasury will be able to start issuing $1,400 direct payments. These payments may start going out next week, if the timing of last round is any indication.
Here's our Monday video recap:
There Are Increasing Reports of People Getting Targeted EIDL Grants Approved
As we reported over the weekend, there are increasing reports that people are seeing approvals on their SBA portals for the Targeted EIDL Grants. This is long-awaited news for the millions of people who've been waiting for this funding.
If you have been emailed in the past by the SBA with a SBA Portal Link, you can login here to check your status. We expect significantly more approvals this week, and we'll be conducting another poll on our YouTube channel to gauge how much progress is being made.
Still Most Businesses Are Waiting On PPP Second Loans
Despite the PPP loan progress, according to our data, many small business owners are still waiting for PPP loans, either first or second draw loans.
We are still in the two-week priority period for businesses with less than 20 employees to apply. As part of these changes, self-employed individuals and independent contractors can also use their gross revenue when calculating their PPP loan amount.
The SBA has said they're "speeding things up" so we expect more business owners to hear back this week about approvals. There is plenty of funding in the PPP program and there's even additional PPP funding proposed in the new stimulus package.
Nearly $2 Trillion Is About to Be Pumped Into the Economy
To sum, the new stimulus package will be another major influx of cash to individuals, businesses, and organizations — to help people get through pandemic-related difficulties.
A report today by OECD said the US economy is expected to recover twice as fast, in part due to these economic stimulus packages as well as the fast past of the vaccine rollout. 18% of Americans have received at least one shot (you can learn more on our vaccine tracker) and the CDC said vaccinated adults can gather in small groups without masks and social distancing.