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