LITTLE ROCK, Ark. — On Monday night Congress approved the long-awaited second round of coronavirus economic aid.
So, how will the $900 billion be split up, and how does it impact struggling Arkansans, businesses, and the state as a whole?
Arkansas Secretary of Commerce Mike Preston said this is something many people have been anxiously waiting for.
"The reaction to the relief bill passing is really a relief for a lot of people, I'd say, is the best way to put it," he said.
For Preston, it means a lot to do before the end of the year.
"A lot of work for our department to be ready to take on these funds and to try to get them out to Arkansans as quickly as we possibly can," he said.
Here's what you need to know:
- For Arkansans who make less than $75 thousand a year, another round of stimulus checks is coming your way.
- The stimulus checks will be $600 for every adult and dependent.
- The plan also includes $300 in weekly federal unemployment benefits, but just for the next two and a half months.
- It also extends funds for the state that were going to run out in a matter of days, like an extension of the pandemic unemployment compensation into April, a continuation of rental assistance, and another year to fully utilize the CARES Act Funds.
For example, Preston said that includes projects for the state's broadband initiative, which still has $18 million left to use.
"We'll be able to keep those in the commerce department for our broadband deployment and we already have projects in the pipeline that we can go ahead and start funding now," he said.
Another huge part of the bill is aid for small businesses with the passing of a second round of the Paycheck Protection Program (PPP).
According to Montine McNulty, the CEO of the Arkansas Hospitality Association, the loan will vary from business to business based on 2.5 times its monthly payroll costs.
McNulty said restaurants and hotels, however, can apply for loans based on 3.5 times their monthly payroll costs.
"It is survival. It is survival of businesses in Arkansas. Small businesses, large businesses," she said.
McNulty described this as necessary for the industry that has lost millions of dollars.
"It's definitely coming at the right time because they've really been at the end of their cash and this is really going to help them for the next few months," she said.
But McNulty believes it's not the answer to everything.
"It doesn't mean we won't work for more relief for next year. We'll have to have it and the whole country will," she said.
The bill also includes more money for vaccines and to other struggling industries like airlines, movie theaters, museums, and entertainment.