House drafting new COVID-19 relief bill

Democratic leaders in the House of Representatives are in the process of drafting a new COVID-19 “Phase 4” relief bill, the National Lumber and Building Material Dealers Association (NLBMDA) has reported.

The bill is expected to provide approximately $2.2 trillion in economic stimulus, this is $1 trillion less than the House’s first Phase 4 proposal passed in May.

According to the NLBMDA, the package is expected to include emergency supplemental unemployment insurance, expansion of the employee retention tax credit, extension of Small Business Administration (SBA) loans, state and local government aid, and direct stimulus payments to individuals.

The legislation could receive a vote on the House floor as soon as next week.