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Congress passes COVID-19 aid package containing billions in funding and tax breaks

12/23/2020

After months of negotiations in Washington, an agreement has been struck on a new aid package to address the ongoing fallout from the COVID-19 pandemic. The legislation has been passed by both the U.S. House of Representatives and the U.S. Senate, and President Trump is expected to sign it soon.

Included in the nearly 5,600-page Consolidated Appropriations Act of 2021, the package expands and extends several critical provisions of the CARES Act enacted in the spring of 2020 to deal with the emerging financial and health care crisis. The final bill includes neither the funding for state and local governments that Democrats sought nor the corporate liability protection from COVID-19-related lawsuits that Republicans favored. In addition to the items listed below the new bill would permit the deduction of the expenses spent related to the PPP loan overriding prior IRS  guidance.

Key provisions for individuals, businesses and employers

Here’s a broad overview of some of the provisions that may affect you:

Individuals

Businesses and other employers

Additional details to come

This is just a quick look at the latest COVID-19 aid package. We’ll dig more deeply into the provisions most likely to affect you or your business in the near future. In the meantime, please contact us with any questions or concerns about these new tax provisions affecting your individual financial or business situations. We’re here to help.

© 2020

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