May 13 House of Representatives Unveils The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act
On May 12, 2020, the House of Representatives released a $3 trillion, phase four economic relief package. Dubbed “The HEROES Act”, The Health and Economic Recovery Omnibus Emergency Solutions Act is aimed at protecting and preserving households, workers and state and local governments.
Highlights of the package include:
- Extension of the Paycheck Protection Program (PPP) from June 30th to December 31st, 2020
- Technical tweak to allow taxpayers to deduct the payroll, rent and other costs that the PPP loans covered
- Expansion of the Employee Retention Tax Credit
- Suspension of the $10,000 cap on state and local tax deduction for 2020 and 2021
- Economic relief for state, local, territorial and tribal governments
- Assistance for essential workers and workers that risk their lives to battle the COVID-19 pandemic
- Increased stimulus payments
- Extended unemployment benefits
- Small business and non-profit support and payroll protection
- Health insurance preservation and protection
- Housing assistance
- Food security
- Democratic safeguards
The House of Representatives is expected to vote on this package by the end of this week, but Senate approval of the package in its current form is not anticipated.
Tune into our webinar on Thursday, May 14th at 10AM for additional information on this topic. View the invite and register here.
Sax will continue to update you as further details are made available. Reach out to your Sax advisor or email [email protected] with questions. For more and on-going information relative to your state and business, visit Sax’s COVID-19 Resource Center.