Summary of Federal coronavirus stimulus bills enacted

March 2020: American Rescue Plan Act of 2021 
(congress.gov - accessed 3/11/20)

3/10/20: "House gives final approval to $1.9 trillion pandemic aid bill," By Ken Tysiac and Jeff Drew, Journal of Accountancy

3/10/20: "American Rescue Plan Act passes with many tax components," By By Alistair M. Nevius, JD, Journal of Accountancy

December 27, 2020: Consolidated Appropriations Act, 2021

COVID-19 relief bill addresses key PPP issues, By Jeff Drew, Journal of Accountancy, December 21, 2020, Updated: December 27, 2020
This article provides an overview of the Act and highlights key provisions of the law related to COVID-19 and the Paycheck Protection Program.

June 5, 2020:
Paycheck Protection Program Flexibility Act of 2020 

IRS Coronavirus Tax Relief and Economic Impact Payments Resource Page

 "This bill modifies provisions related to the forgiveness of loans made to small businesses under the Paycheck Protection Program implemented in response to COVID-19 (i.e., coronavirus disease 2019)." (Source: Congress.gov, bill summary)

• AICPA Summary of Paycheck Protection Program Flexibility Act of 2020
• AICPA guidance on accounting for forgivable PPP loans (PDF)

March 27, 2020:
Coronavirus Aid, Relief, and Economic Security Act (CARES)

The CARES Act includes:

• Paycheck Protection Program (PPP)
• Employee Retention Tax Credit

Tax Credits: Employee Retention Credit

Eligible employers: "The credit is available to all employers that have experienced an economic hardship due to COVID-19. This includes tax exempt organizations. Only two exceptions apply: 1) Federal, state, and local governments and their instrumentalities; and 2) small businesses that received business loans under the Paycheck Protection Program (PPP)."
Source: IRS FS-2020-05, May 2020

“This bill responds to the COVID-19 (i.e., coronavirus disease 2019) outbreak and its impact on the economy, public health, state and local governments, individuals, and businesses.: -- Bill summary at Congress.gov

Paycheck Protection Program (PPP): Provides forgivable loans to help small businesses cover fees such as payroll and rent.

• U.S. Department of the Treasury: Assistance for Small Businesses
• Journal of Accountancy overview
• AICPA PPP resources for CPAs
• SBA/Treasury PAYCHECK PROTECTION PROGRAM (PPP) LOANS: Frequently Asked Questions (FAQs) (Updated May 13, 2020)
• New! AICPA Recommendations PPP Application Documents for Lenders (04/07/20)

Guidance on CPAs as Agents for PPP Loan Applications

• CAMICO eAlert: CPAs as Agents for Small Business Administration Paycheck Protection Program (PPP) Loans (includes links to engagement letter templates and sample response to lenders for your reference)

 More PPP guidance:

• AICPA recommendations for PPP application process | firm-lender relationship (PDF download, 04/27/20)
• AICPA’s Center for Plain English Accounting (CPEA) special report on issues related to CPA involvement in small business loans under the PPP
• 04/04/20 – AICPA Press release: AICPA-led coalition recommends PPP applicants use gross payroll approach in calculationg average monthly payroll

 Internal Revenue Service:

• Coronavirus Tax Relief webpage (includes links to specific guidance)

IRS Guidance: Employer Retention Tax Credits

• May 7, 2020: FS-2020-05: New Employee Retention Credit helps employers keep employees on payroll

U.S. Department of Labor Guidance (homepage): Guidance and News specific to coronavirus relief under FFCRA and CARES

March 18, 2020:
Families First Coronavirus Response Act (FFCRA)

Effective: April 1, 2020 through December 31, 2020

The FFRCA includes:

• Emergency Paid Sick Leave (EPSL) Act

• Emergency Family and Medical Leave Expansion (EFMLE) Act

• See U.S. DOL FFCRA Q&A for more information on EPSL and EFMLE

• See also, DOL Fact Sheet for Employers

Tax Credits:

• Paid Sick Leave requirement and credit
• Family and Medical Leave requirement and credit

Eligible Employers: "500 or fewer full-time and part-time employees ... that have to meet the employer paid leave requirements." Source: IRS FS-2020-06, May 2020

“This bill responds to the COVID-19 (i.e., coronavirus disease 2019) outbreak by providing paid sick leave, tax credits, and free COVID-19 testing; expanding food assistance and unemployment benefits; and increasing Medicaid funding.” Bill summary at Congress.gov

U.S. Department of Labor Guidance web page
(Last accessed, March 08, 2021)

• DOL press release, March 24, 2020
• DOL Questions and Answers
• DOL Fact Sheet for Employees
• DOL Fact Sheet for Employers

Internal Revenue Service:

• Coronavirus Tax Relief webpage (includes links to specific guidance)
• April 17, 2020: IRS FAQs on FFRCA paid sick and family leave

IRS Guidance: Paid Sick Leave and Family and Medical Leave / Employer Tax Credits

• May 15, 2020: FS-2020-06: New credits fund employers for Coronavirus-related paid leave
• COVID-19-Related Tax Credits: General Information FAQs
• COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs

March 6, 2020:
Coronavirus Preparedness and Response Supplemental Appropriations Act (CPRSA)

IRS Coronavirus Tax Relief and Economic Impact Payments Resource Page
 

CPRSA: “This bill provides $8.3 billion in emergency funding for federal agencies to respond to the coronavirus outbreak.”– Bill summary at Congress.gov

March 13, 2020: President Trump issued an emergency declaration under the Stafford Disaster Relief and Emergency Assistance Act instructing Treasury to provide relief from tax deadlines to Americans adversely affected by the COVID-19 pandemic.

April 9, 2020 IRS Guidance: Overview of Extensions Granted in Notice 2020-23