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Friends, 

Last week, Congress finalized a bipartisan compromise agreement on a short-term, emergency round of coronavirus (COVID-19) relief funding that will help Iowa's families, businesses, and communities that are still struggling this winter from the pandemic.

This is a long-overdue measure that will help Iowans in need – and while this legislation is not perfect, I’m pleased to see key priorities that I have worked to secure this Congress included in the final agreement, such as an extension of unemployment benefits and another round of direct payments, rental assistance and an extension of the eviction moratorium, authorization to roll over unused child care savings into 2021, and provisions to support expansion of broadband connectivity, assistance for our biofuels industry, and much more.

You can learn more about the agreement that passed by clicking here.

Let me be clear: this cannot and should not be Congress’ last act to help those suffering through dual health and economic crises – and when the 117th Congress begins in just a few short weeks, I look forward to working with my colleagues in both parties to continue the important work of supporting our constituents. Just as we know that this virus will not disappear on January 1st, we should not think that our efforts to support families, businesses, and communities will end when the book closes on this session.

Below is some important information on key areas of the new law.

An additional round of economic impact payments (EIPs) are authorized in this new legislation, and the first direct deposits are expected to begin as early as next week!

How much?

This round of EIPs will be $600 for each adult (or $1,200 for each jointly filing couple) and $600 for each dependent under the age of 17.

If you made more than $75,000 as an individual (or $150,000 as a couple) on your 2019 tax return, the EIP will be reduced by $5 per $100 of additional income.

If you did not a file a tax return in 2019 or 2018, you can still qualify for an EIP. More information on how to file for an EIP will be available soon on the Treasury Department’s portal.

How can I get my payment?

If you received an EIP through the CARES Act earlier this year, you should receive this round of payments through the same method unless you update your bank information.

If you have additional questions about this round of EIP, visit the EIP Portal set up by the Department of Treasury or contact my office.

What if I didn't get my first check still?

The window for requesting your first EIP is closed, but if you believe you still qualify for that payment, you will still be eligible for it through your 2020 tax return.

You will need to claim a Recovery Rebate Credit. Learn more here.

If you did not receive your first check because you have a Social Security Number but your spouse does not, we have ensured in this new law that you will receive both this new check and that you can receive the first round of payments.

If you have difficulty with that filing in the new year or have other questions, you can contact my office.

Why is it only $600?

I was disappointed that my colleagues on the Republican side of the aisle felt that they could not back more stimulus in this agreement.

I believe the best way we can combat this economic downturn is to get money into people's pockets to help them cover their essential expenses – like paying rent and putting food on their tables – and that $600 is not enough help for folks that are hurting.

That's why I joined my colleagues this week to advance legislation that would increase this next round of payments to $2,000 for individuals and $4,000 for couples – as well as fix the definition of dependents so that families with adult dependents can also qualify for payments. 

Learn more about the bill we passed with a bipartisan majority of the House, the CASH Act, by clicking here.

I've heard from small business owners who have lost business and continued to struggle through this pandemic. That's why a top priority of mine in this new agreement was securing $285 billion of funding for the Paycheck Protection Program (PPP) – both for first-time loans to help businesses and for additional loans for those that are struggling the most.

First-time Borrowers

The new agreement has $35 billion reserved for first-time PPP borrowers. 

$15 billion of that is specifically set aside for businesses with fewer than 10 employees and for loans of less than $250,000 in lower-income areas.

Second-time Borrowers

If your business has no more than 300 employees and already received a PPP loan, but you lost at least 25% of your revenue in one quarter, you are eligible to take out a second PPP loan of up to $2 million.

Your business must have already used up your first PPP loan, or be about to.

While the Small Business Administration is still finalizing their rules and procedures for this new round of loans, you can get started by contacting your lender to express interest in these new loans.

I'm also happy to share that the Paycheck Protection Program can now be utilized by local newspapers and radio stations, nonprofits, Chambers of Commerce and other organizations like housing cooperatives, and that restaurants will now be eligible for larger PPP loans.

We've also secured $15 billion specifically to help live venues, theaters, and other institutions that have been affected directly by COVID-19 revenue losses. This funding will be distributed by the SBA as grants to help cover payroll, rent, utilities, and PPE.

Iowans who are out of work as a result of this pandemic are in dire need of additional assistance, especially as measures we implemented last spring have expired or are about to.

This agreement extends benefits through March 14th for gig workers, self-employed Iowans, and others receiving Pandemic Unemployment Assistance (PUA) benefits, and continues support for those unemployed for more than 26 weeks.

For both programs, the maximum number of weeks that you can benefit has been raised from 39 to 50 – and if you’re already on unemployment as of March 14th, you can continue to receive benefits through April 5th if you haven't exceeded that maximum.

This agreement also provides $300 a week in additional unemployment for Iowans out of work through Federal Pandemic Unemployment Compensation (FPUC) benefits through March 14th.

I'll be pushing Iowa Workforce Development to implement and process these claims quickly to help Iowans in need. If you are having trouble with these benefits or believe you are eligible but have been rejected, my office can help.

I'm really proud that this COVID-19 relief agreement includes the first-ever federal rental assistance program – with $25 billion for rental assistance to be distributed through state and local governments to help Iowans at risk of losing their homes.

Funding from this program can provide up to 12 months of help with rent, utilities, and other housing expenses. In addition, the CDC’s eviction moratorium has been extended through January 31st, to ensure Iowans aren’t kicked out of their homes before they can even get this rental assistance.

Eligible households will need to meet certain income and financial hardship requirements. As this program will be administered through local entities, follow me on social media and follow future editions of this newsletter to learn more.

The agreement passed by Congress and approved by President Trump this weekend is not perfect, but I'm confident that these programs will help Iowans in need while I continue to fight for additional aid and commonsense legislation that will help.

Wishing you all a safe and happy holidays, a Merry Christmas, and a Happy New Year! 

Cindy