San Francisco Tax Preparation / CPA: Senate Fails to Pass “Skinny” COVID-19 Relief Bill

Filed in CCH NEWS FEED by on October 22, 2020

On September 10, 2020, the Senate failed to pass the Delivering Immediate Relief to America’s Families, Schools and Small Businesses Act. This bill was described as a targeted proposal, and included provisions that carry broad support. Its price tag, however, was about half of the $1 trillion dollar bill proposed by the Senate as “CARES 2” in July.

A procedural vote on the bill failed to garner the 60 votes required to file cloture and allow a floor vote on the bill.

Senate Majority Leader Mitch McConnell, R-Ky. and the Senate GOP had released the text of the COVID-19 relief and stimulus bill on September 8, 2020. It included a second round of loans under the Paycheck Protection Program, tax credits and other incentives for at-home learning and other educational programs, and an enhancement of the above-the-line deduction for charitable contributions. It did not include a second round of economic stimulus payments.

The way forward is unclear, as leaders continue to express a shared desire for additional relief and stimulus legislation, but cannot agree on what should be included in the legislation, or the acceptable cost.

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