Assistance for Businesses and Local Economies Act or the ABLE Act of 2020 This bill establishes the Emergency Social Insurance Program to coordinate and deliver direct payments to small businesses and workers affected by COVID-19 (i.e., coronavirus disease 2019). Specifically, the Social Security Administration and the Department of Labor shall assist participating states, through existing state agency mechanisms, to offer expanded unemployment insurance for workers who are unemployed or idle because of COVID-19. Through an agreement with Labor, participating states must provide temporary emergency COVID-19 unemployment or short-time compensation payments to such workers, plus specified additional amounts for certain categories of workers. Such compensation payments shall not be regarded as income. If an individual receives compensation payments through a knowing false statement or misrepresentation, such individual shall be ineligible for further assistance and subject to prosecution. The Small Business Administration must provide grants to certain small businesses that have suffered substantial economic injury as a result of COVID-19, giving priority consideration to (1) small businesses with fewer than 100 employees per location; (2) small businesses owned by minorities, women, or veterans; (3) small businesses where the owner's pay is equal to or less than 25 times the average employee's pay; and (4) small businesses that have not fired or laid off employees, reduced salaries, or changed any labor contracts. The amount of such grants shall not exceed necessary maintenance costs (e.g., payroll support and increased costs of obtaining unavailable materials), and any overpayment of grants shall be automatically considered as zero-interest loans. Such grant amounts shall be excluded from gross income, for income tax purposes.