Policies & Issues

Here’s What’s in the New COVID-19 Relief Bill

Policies & IssuesDec 22, 2020

Here’s What’s in the New COVID-19 Relief Bill

The bill includes $325 billion in funds for small businesses.

20201222_Capitol_Building.jpg
Congress passed a $908 billion COVID-19 relief bill Monday after months of negotiations.

Washington—Congress passed a $908 billion COVID-19 relief bill after months of back and forth over what it should include, marking the second largest relief bill passed since the CARES Act.

The bill passed in the House 359 to 53, then passed in the Senate in a 92-6 vote just before midnight.

Attached to the 5,600-page bill is a separate bill to avoid a government shutdown for seven days.

President Donald Trump is expected to sign in the next few days.

Here are five highlights of what’s in the long-awaited relief package.

There will be stimulus checks.

A second round of stimulus checks are on the way, accounting for $166 billion of the funds.

Each adult in a household will receive $600 as well as $600 for each dependent, rather than the $1,200 per adult and $500 per dependent in the first round, according to a summary of the bill.

Households where some adults, like noncitizens, were ineligible in the first round will receive payments in this round.

Payments will be based on 2019 income and will not be available to individuals with adjusted gross incomes over $75,000 and married couples over $150,000.

For those who didn’t qualify in the first round because their income at the time was too high and for those who have new dependents, additional funds can be requested when filing 2020 tax returns in 2021.

Treasury Secretary Steven Mnuchin expects the first electronic payments to start going out by the beginning of next week.

Another round of Paycheck Protection Program loans is also on the way.

The bill includes $325 billion in funds for small businesses, including $284 billion for Paycheck Protection Program loans. 

There is also $20 billion for Economic Injury Disaster Loans for businesses in low-income communities.

There is another $3.5 billion for continued Small Business Administration debt relief payments and another $2 billion for other SBA lending enhancements.

Small and underserved businesses in low-income communities may also be eligible for $10,000 Small Business Administration grants.

Businesses that have received PPP loans will also be able to take tax deductions for the expenses covered by the forgiven loan.

The bill also extends and expands the refundable Employee Tax Retention Tax Credit through July 1, 2021.

Unemployment benefits will be extended.

The unemployed may be eligible for an extra 11 weeks of jobless benefits, through March 14, including a $300-per-week federal unemployment subsidy.

It is available to all workers receiving unemployment benefits, though lower than the previous $600 subsidy, which expired in July.

Some self-employed and gig workers may be eligible to receive an additional $100 per week.

The bill extends the amount of time that workers can claim benefits through state and federal programs.

Most states typically provide 26 weeks of jobless benefits, as per a CNBC report.

More than 20 million Americans are currently collecting unemployment benefits, according to the Labor Department.

The federal eviction ban will also be extended.

The bill extends the federal eviction prohibition until the end of January 2021.

There will also be $25 billion in funds available for rental assistance.

The Treasury Department will allocate the money to states based on population.

Tenants may meet the eligibility requirements if they make less than 80 percent of the median income in their area, have someone in their household who has lost a job, or can show they may lose their home without assistance.

Landlords can apply on behalf of eligible tenants.

There are also funds for health care, schools, testing and tracing, and vaccine distribution.

The bill provides $9 billion for health care providers as well as $4.5 billion for mental health.

The National Institutes of Health will receive $1 billion to continue COVID-19 research.

Testing and tracing programs will receive $22 billion, including $2.5 billion for rural areas and communities of color.

As for vaccines, the Biomedical Advanced Research and Development Authority will receive around $20 billion to provide the vaccine while the Centers for Diseases Control and Prevention will receive $9 billion for vaccine distribution.

Another $3 billion will go toward the national stockpile and $300 million will be allocated to high-risk areas and communities of color.

Schools will receive a total $82 billion for public and private grade schools, high schools, and colleges. The majority of the money, $54.3 billion, will go to public schools.

“Clearly, there is more to be done –this is not a stimulus, this is an emergency survival bill, and we will fight for more relief under President Biden, because this crisis is not over,” said Senator Charles Schumer (D-NY) in a statement.

Lenore Fedowis the senior editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

Dawn dish soap, Dove soap, M&M candy, Tylenol
SurveysJan 30, 2026
These Are the Top Brands of 2026, Says YouGov

From tech platforms to candy companies, here’s how some of the highest-ranking brands earned their spot on the list.

Etiq Khol Ring
CollectionsJan 30, 2026
Follow the Beat With Etiq’s ‘Khol’ Ring

The “Khol” ring, our Piece of the Week, transforms the traditional Indian Khol drum into playful jewelry through hand-carved lapis.

Arch Crown Tag & Label 2026 Catalog
MajorsJan 30, 2026
Arch Crown’s 2026 ‘Tag & Label’ Catalog Is Here

The catalog includes more than 100 styles of stock, pre-printed, and custom tags and labels, as well as bar code technology products.

MJSA Apprenticeship Guide
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench Jewelers

Launched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.

Ghirardelli Chocolocket
CollectionsJan 29, 2026
Ghirardelli’s ‘Chocolocket’ Returns for Valentine’s Day

The chocolatier is bringing back its chocolate-inspired locket, offering sets of two to celebrate “perfect pairs.”

Weekly QuizJan 29, 2026
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Step-cut Colombian emerald ring London Jewels Bonhams
AuctionsJan 29, 2026
These Were Bonhams’ Top 10 Jewelry Lots in 2025

The top lot of the year was a 1930s Cartier tiara owned by Nancy, Viscountess Astor, which sold for $1.2 million in London last summer.

Red Rubies AGTA
SourcingJan 29, 2026
Stuller Website to Mark AGTA-Sourced Gemstones

Any gemstones on Stuller.com that were sourced by an AGTA vendor member will now bear the association’s logo.

JamAlert 1872x1052.png
Brought to you by
How Jewelers Can Fight Back Against Cell Jammers

Criminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.

Audemars Piguet Atlanta Store Artwork
WatchesJan 29, 2026
Audemars Piguet Opens AP House in Atlanta

The Swiss watchmaker has brought its latest immersive boutique to Atlanta, a city it described as “an epicenter of music and storytelling.”

Anza Gems gemstones
SourcingJan 28, 2026
Ethical Gem Fair to Debut Designer Showcase in Tucson

The new addition will feature finished jewelry created using “consciously sourced” gemstones.

National Jeweler columnist and jewelry sales expert Peter Smith
ColumnistsJan 28, 2026
Peter Smith: Setting the Next Generation Up for Success

In his new column, Smith advises playing to your successor's strengths and resisting the urge to become a backseat driver.

Hand holding shopping bags
SurveysJan 28, 2026
Consumer Confidence Falls Below Pandemic Lows in January

The index fell to its lowest level since May 2014 amid concerns about the present and the future.

Foundrae Aspen Store
IndependentsJan 28, 2026
Foundrae Heads to Aspen for Latest Store Opening

The new store in Aspen, Colorado, takes inspiration from a stately library for its intimate yet elevated interior design.

Bulgari Gioco di Forme e Colori watch and brooch
FinancialsJan 28, 2026
Tiffany & Co., Bulgari Sales Resilient as LVMH’s 2025 Sales Slip

The brands’ high jewelry collections performed especially well last year despite a challenging environment.

GemFair x DBL Toi et Moi Ring
CollectionsJan 27, 2026
De Beers London, GemFair Debut New Collection Highlighting Artisanal Diamonds

The collection marks the first time GemFair’s artisanal diamonds will be brought directly to consumers.

Montana sapphire
SourcingJan 27, 2026
GemGuide Launches Pricing for Montana Sapphires

The initial charts are for blue, teal, and green material, each grouped into three charts categorized as good, fine, and extra fine.

Clientbook
TechnologyJan 27, 2026
Clientbook Launches Appointment Booking Tool

The new tool can assign the appropriate associate based on the client or appointment type and automate personalized text message follow-ups.

Columbia Gem House celestial shapes
SourcingJan 26, 2026
Tucson Preview 2026: Earthy Tones and Innovative Shapes

Buyers are expected to gravitate toward gemstones that have a little something special, just like last year.

Diamond center in Saurimo, Angola
SourcingJan 26, 2026
Angolan Diamond Cos. Join NDC as Rio Tinto, Murowa Exit

Endiama and Sodiam will contribute money to the marketing of natural diamonds as new members of the Natural Diamond Council.

Francesca’s boutique
MajorsJan 26, 2026
Francesca’s To Close All Stores

The retailer operates more than 450 boutiques across 45 states, according to its website.

Thomas Davis, Monalisa DePina, Jamie Batiste, Namwezi Nicole Batumike, Lavina Hunt-Lewis
MajorsJan 26, 2026
BIJC Names 5 New Board Members

The new members’ skills span communications, business development, advocacy, and industry leadership.

Tiffany & Co. Celebrating Love Stories Since 1837 Campaign
CollectionsJan 26, 2026
Tiffany & Co. Celebrates 189 Years of Love Stories

The jeweler’s 2026 Valentine’s Day campaign, “Celebrating Love Stories Since 1837,” includes a short firm starring actress Adria Arjona.

DCA colored gemstone course
GradingJan 26, 2026
DCA Updates Colored Gemstone Course

The new features include interactive flashcards and scenario-based roleplay with AI tools.

Deutsch & Deutsch jewelers team
MajorsJan 23, 2026
Watches of Switzerland Acquires 4-Store Jewelry Chain in Texas

Family-owned jewelry and watch retailer Deutsch & Deutsch has stores in El Paso, Laredo, McAllen, and Victoria.

Baume & Mercier Riviera 10812 pink watch
WatchesJan 23, 2026
Damiani Group to Acquire Baume & Mercier

The Italian luxury company purchased the nearly 200-year-old Swiss watch brand from Richemont.

Martin Katz snowflake earrings
TrendsJan 23, 2026
Martin Katz’s Earrings Call to Mind Wintry Weather

Micro-set with hundreds of diamonds, these snowflake earrings recreate “winter’s most elegant silhouette,” and are our Piece of the Week.

Ella Blum
MajorsJan 23, 2026
Rembrandt Charms Names New Director of Creative, Brand Strategy

Ella Blum was appointed to the newly created role.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy