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

Published on: Jan 14, 2021 by Daniel Glomski, CPA, ABV, CVA, MST

Updated on: December 21, 2023

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.

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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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