7 Big Takeaways On The New Covid Relief Package

Updated: 12/29/2020,  4:00pm  ETA

The new Covid Relief Package is set to provide additional financial assistance to Americans. The hefty bill was passed by Congress Monday night 12/21/2020.

President Trump reluctantly signed the bill days later on Sunday 12/27/2020, allowing $600 stimulus payments to be distributed, but urged that Americans should receive more aid and proposed $2,000 stimulus payments instead.

For now, the $600 Stimulus check is approved and checks are already being delivered to the eligible parties (see bill highlights for more details on eligibility). As for the additional $1,400, the Senate will continue to battle it out.

As we wait for the final say on stimulus payments, overall the Covid-Relief Package is still great news for small businesses, especially those with SBA loans and grants, such as the PPP and EIDL.

Bill Highlights:

  • Business expenses paid with the PPP loan funds are now tax deductible. (Applies to all borrowers even those who already applied or received forgiveness).
  • PPP Round 2: PPP funding will be available again. This is for those who were not able to get a bite the first time around as well as businesses who already received a loan and used all loan funds. (Past recipients must show revenue as down compared to last year).
  • Streamlined PPP Forgiveness for loans under 150k –  (Submit 1 page online or paper form).
  • If not already applied for PPP Forgiveness, you have new eligible expenses for forgiveness.
  • Final forgiveness amount will no longer be reduced by any EIDL grant received.
  • The EIDL is no longer taxable and expenses remain deductible.
  • The relief package also included additional unemployment funding and another stimulus check to go out (additional $300 in unemployment for 11 weeks, $600 stimulus check to individuals making less than $75,000 a year, $1200 for married couples filing jointly making under $150k, plus $600 for each dependent child under 17.)


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Justice Bragg

Business Development Specialist, Florida

At work, Justice is passionate about helping the team make decisions and connections that propel the business forward. He prioritizes client satisfaction by serving as a medium to facilitate communication to the proper channels making sure every issue is properly addressed.

Outside of work, Justice enjoys exercising by going to the gym and playing pickleball with his friends. He is a self-proclaimed foodie who can’t say no to trying a new restaurant, sometimes even immediately regretting it.

Zachary Williams

Staff Accountant, Florida

At Level Accounting, Zach is responsible for bookkeeping & payroll. He is dedicated to ensuring financial success for our clients.

Beyond the office walls, Zach’s weekends are filled with adventure, whether he’s exploring Florida’s hidden gems with his wife or battling it out in tournaments. When it’s time to unwind, you’ll find him at the movies or casting his line out for a relaxing fishing session.

Melanie Jerome, MBA


Meet Melanie J, one of our senior staff accountants! Melanie ensures your financial health with precision and expertise. Beyond the office, she’s a true crime enthusiast who loves traveling and outdoor adventures. Whether she’s balancing books or exploring new trails, MJ’s dedication and skill set the standard for excellence in our team.

Seren Lunsford, MBA


Meet Seren, one of our dedicated staff accountants here at level accounting! She is responsible for bookkeeping & payroll. Outside of the office, you can find her on the sidelines of a soccer pitch, karting track, or baseball diamond, cheering on her two active boys. Seren is also a proud owner of two gentle giants, her beloved Great Danes. In her downtime, she channels her creativity into baking and decorating sugar cookies, always eager to experiment with new baked goods ideas and recipes. With her expertise in accounting and her passion for family, pets, and baking, Seren brings a unique blend of professionalism and warmth to our team.

Ivette Rivera


Ivette Rivera is our Executive Assistant at Level Accounting, juggling schedules and keeping things running smooth.

When she’s not crushing it at work, Ivette is an avid participant in her church community. As a mom, she’s all about those quality moments, whether it’s baking up a storm, hitting the water for some kayaking fun, or just chilling with a good book or binge-worthy show. And let’s not forget her partners in crime at home: Harley Quinn, the fridge-raiding pit bull, and Atlas, the cat who rules the roost. Ivette’s all about that balance between work hustle and personal bliss.