Explore insights on how the new COVID-19 relief law will affect your business from our Employee Benefits, Employment, Corporate, Healthcare, Regulatory and Tax Practice Groups. Contact us to find out how we can help.
The Consolidated Appropriations Act, 2021 is a $2.3 trillion spending package that combines $900 billion in coronavirus pandemic relief for the United States and $1.4 trillion in spending for the 2021 fiscal year. President Donald Trump signed it into law on December 27, 2020. The new law provides funding for individuals, small businesses, schools, healthcare organizations and more. It also includes legislation on taxes and energy.
Paycheck Protection Program (PPP) forgivable loans
Vaccine, testing and healthcare provider funding
K-12 schools, colleges and universities funding
Renewable energy tax credits extension
Unemployment insurance of $300/week through March 14
Direct payments of $600 to individuals making up to $75,000/year
Employee retention tax credit extension and expansion
Paid Sick and Family Leave credits extension
Full deduction of business meals from January 1, 2020 – December 31, 2022