More than $2T in third stimulus bill to respond to COVID-19
Last week, President Trump a historic $2 trillion COVID-19 relief package in an attempt to alleviate and mitigate the economic and health effects of the COVID-19 pandemic. This was the third COVID-19 related legislation passed by Congress. The law provides direct payments to individuals, grants and economic development assistance to business, and a much-needed supplement to unemployment compensation for workers laid-off.
NAWB has provided a helpful analysis of the bill, particularly as it relates to labor market impacts and workforce development boards.
- $360 million appropriated through the Department of Labor;
- Increases the administrative cap on funds allocated to local workforce development boards from 10% to 20% provided that the funds used above 10% are used to respond to the COVID-19;
- Provides funding for special emergency loans of up to $10 million for eligible nonprofits and small businesses