Last week, Democratic leaders in the House of Representatives said they were in the process of drafting a new coronavirus (COVID-19) “Phase 4” relief bill, according to the National Lumber and Building Material Dealers Association (NLBMDA). The bill is expected to provide approximately $2.2 trillion in economic stimulus, $1 trillion less than the House’s first Phase 4 proposal passed in May.
The new “Phase 4” package is expected to include emergency supplemental unemployment insurance, an expansion of the employee retention tax credit, an extension of Small Business Administration loans, state and local government aid, and direct stimulus payments to individuals, according to the NLBMDA.
The legislation could receive a vote on the House floor as soon as this week, the NLBMDA reports.
The Senate previously proposed a $1 trillion COVID-19 relief bill proposal in July, called the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act. The bill included an expansion of the Paycheck Protection Program (PPP) and an expansion of forgivable expenses under the PPP.
As discussions began around Phase 4 relief bills in July, the NLBMDA submitted a letter to the Senate outlining its priorities for a future COVID-19 relief bill. The association’s two main areas of focus are ensuring any relief bill maximizes small business relief and strengthens residential construction. The NLBMDA’s letter requested an improved PPP and for efforts to improve workplace safety.
