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[Proposed details] Federal Senate Healthcare Economic Assistance Liability Protection and Schools (HEALS) Act, 7.28.20
Disclaimer: This update includes information on proposals at the federal level. Information has been sourced from the National Restaurant Association and American Hotel & Lodging Association and was updated to the best of our ability as of July 29, 2020. This information is subject to change and will not be confirmed until a bill is signed by the president.
Federal Senate Healthcare Economic Assistance Liability Protection and Schools (HEALS) Act – $1 trillion in coronavirus pandemic relief
(In comparison, HEROES Act is proposed at $3 trillion)
|HEALS Act||National Restaurant Association Blueprint – Restaurants Acts||American Hotel & Lodging Association Priorities|
|Second Round of Paycheck Protection Program (PPP) Loans/Grants||X||X|
|Liability Protections for Businesses||X||X|
|Enhanced Employee Retention Credit, Work Opportunity Tax Credit & Personal Protective Equipment||X||X|
|PPP Expansion to include 501(c)(6) (excludes lobbying expenses)||X||X|
|100% deduction on business meals (through the end of 2020)||X||X|
What is not in the HEALS Act?
- Structural changes to Main Street Lending Program.
- Establishment of Commercial Mortgage Backed Securities (CMBS) market relief.
- President’s payroll tax cut.
- No new money for city, county or states. (Does relax rules on existing CARES Act money.)
- Business interruption insurance.
What is in the bill?
- Reduces the $600 monthly unemployment benefit to $200 monthly until Oct. 5, 2020. From that point, the assistance amount would combine with the states’ unemployment offerings to equal 70% of an individual’s previous wages until Dec. 31, 2020.
- A second stimulus check for as much as $1,200 to Americans who qualified for the first stimulus check.
- Second round of PPP funding and changes include mandating that only organizations with 300 or fewer employees can qualify and requiring firms to demonstrate that their revenue fell by at least 50%. (Hospitality industry is exempt and still at the 500 employees threshold.)