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1 Congressional Budget Office Estimate for the House Amendment to the Senate Amendment to H.R. 925, the Heroes Act, as Passed by the House of Representatives on October 1, 2020 1 (October 16, 2020)

handle is hein.congrec/cbohasap0001 and id is 1 raw text is: October 16, 2020 The Congressional Budget Office and the staff of the Joint Committee on Taxation have completed an estimate of the budgetary effects of H.R. 925, the Heroes Act, as passed by the House of Representatives on October 1, 2020. The Heroes Act would provide funding, expand eligibility for existing programs, and establish new programs to provide assistance to individuals, businesses, and state, local, tribal, and territorial governments in response to the coronavirus pandemic. CBO estimates that the act would increase the deficit by $2.4 trillion over the 2021-2030 period. Major provisions are described below. Division A would provide supplemental appropriations for federal agencies to respond to the novel coronavirus pandemic and provide assistance to nonfederal entities. Division B would suspend or extend the suspension of payments, interest accrual, and involuntary collections for federal student loans, amend the terms of Public Service Loan Forgiveness, and make other changes to federal funding for postsecondary education. Division D: Title II would replace a portion of reimbursements from the child nutrition program that some schools lost between March and June 2020 because of the pandemic. Division E would extend the Small Business Administration's Paycheck Protection Program and debt relief for new and existing borrowers, create several new grant programs, extend a program to modify existing loans to small businesses, and expand eligibility for Economic Injury Disaster Loans. Division F (Revenue Provisions): Title I would provide additional recovery rebates of $1,200 per qualifying adult and $500 per qualifying dependent, modify and expand several tax credits, and increase allowable deductions for state and local taxes for 2020. Title II would modify and expand the employee retention and rehiring credit. Title III would impose limits on using business losses to offset nonbusiness income and restrict the use of operating losses to offset prior-year income. Division G: Title I would provide financial assistance to certain multiemployer pension plans that are insured by the Pension Benefit Guaranty Corporation (PBGC). It also would increase the share of benefits that PBGC would pay in the event of a plan's failure. Title II would temporarily reduce funding requirements for single-employer pension plans. Division I: Title I would extend several programs established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, including Pandemic Unemployment Assistance, Pandemic Emergency Unemployment Compensation, and Federal Pandemic Unemployment Compensation. Title II would allow unemployed workers to claim up to 13 weeks of additional benefits if they exhausted other benefits before the end of January 2021. People receiving regular unemployment insurance benefits who also have some self-employment income could collect additional benefits. Title III would shift some funding of unemployment benefits from states and employers to the federal government.

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