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Congress Reaches Deal on Second Stimulus Package - COVID-19 Legislation

December 2020


On December 20, 2020, Congress reached an agreement on a new $900 billion COVID-19 relief package. The legislation was passed by Congress on Monday, December 21, and is expected to quickly be signed into law by President Trump. The bill contains approximately $325 billion in small business relief, including a new wave of PPP loans for eligible new and old borrowers. Key elements of the proposed relief package are summarized below. The figures remain subject to modification upon review of the final bill text.   

If you have any questions related to this guidance, please contact your attorney at Pedersen & Houpt or the attorneys below:

Larry Byrne  
Attorney at Law
161 North Clark Street, Suite 2700
Chicago, Illinois 60601
312-261-2155
lbyrne@pedersenhoupt.com

Eric J. Kordish
Attorney at Law
161 North Clark Street, Suite 2700
Chicago, Illinois 60601
312-261-2249
ekordish@pedersenhoupt.com

Matthew J. Schmidt
Attorney at Law
161 North Clark Street, Suite 2700
Chicago, Illinois 60601
312-261-2281
mschmidt@pedersenhoupt.com

David A. Martin
Attorney at Law
161 North Clark Street, Suite 2700
Chicago, Illinois 60601
312-261-2286
dmartin@pedersenhoupt.com