Overview of $900 Billion COVID-19 Relief Bill for Businesses & Individuals

The Consolidated Appropriations Act of 2021 (CAA) was signed into law in late December. The sprawling legislation contains billions of dollars in additional stimulus funding in response to the COVID-19 pandemic, as well as numerous unrelated provisions. 

For Business the provisions include:

  • Paycheck Protection Program
  • Other financial assistance - EIDL
  • Employee Retention Credit
  • Deferred payroll taxes
  • Non-COVID-19 disaster relief
  • Business meals deduction
  • Retirement plans
  • Charitable deductions
  • Tax extenders

For individuals the provisions include:

  • Recovery rebates
  • Unemployment benefits
  • Housing relief
  • Retirement relief
  • Earned income and child tax credits
  • Medical expense deductions
  • Charitable contributions
  • Student loans
  • Education tax credits
  • Discharged mortgage debt
  • Flexible Spending Accounts

Download the full guide which provides details on each of these key provisions.

covid-19-overview-pdf

 

© 2021


Biz Tip Topic Expert: DANIEL GLOMSKI, CPA, ABV, CVA, MST

Dan is a Principal with SVA Certified Public Accountants. He helps clients understand financial information to improve their company’s profitability and protect their interests. He does this by taking the time to understand the client, external influences and personal objectives of the owners. He works closely and proactively with the clients, emphasizing customer service and being available for his clients. This approach results in supporting clients with timely information and strategies to move them and their businesses forward to help them reach continued success.

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