On Sunday evening, President Trump signed the Consolidated Appropriations Act, 2021, which includes COVID-19 relief through its Additional Coronavirus Response and Relief section, into law. Despite initial criticism from the President last week, Congress made none of the changes previously requested by the President. Key provisions within the COVID-19 portion of the law include:
- Stimulus checks for eligible individuals
- The extension of certain unemployment benefits
- An extended and expanded Employee Retention Credit
- Changes to existing Paycheck Protection Program (PPP) loans, including clarification that expenses paid with forgiven PPP loan funds will now be deductible for federal income tax purposes
- A second draw PPP loan for eligible businesses
- The extension of several tax credits and deductions
For a summary of the law's major COIVD-19 provisions, visit Agreement Reached! New Stimulus Package Expected to be Passed into Law.
Over the coming days and weeks, it is expected that additional guidance will be issued from agencies including the Small Business Administration (SBA), Department of the Treasury, Department of Labor (DOL), Internal Revenue Service (IRS), and others that may facilitate these COVID-19 relief programs. Individuals and businesses interested in these relief options are encouraged to watch for this guidance as well as communications that may indicate when such programs are made available.
For questions regarding this law or your COVID-19 relief options, please contact your HBK Advisor.