Overview of $900 Billion COVID-19 Relief Bill | SVA CPA

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 Businesses, 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.