Date enacted and link to summary |
Guidance and Resources |
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March 2021: American Rescue Plan Act of 2021 |
3/10/21: "House gives final approval to $1.9 trillion pandemic aid bill," By Ken Tysiac and Jeff Drew, Journal of Accountancy 3/10/21: "American Rescue Plan Act passes with many tax components," By By Alistair M. Nevius, JD, Journal of Accountancy |
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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 |
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June 5, 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)
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March 27, 2020: The CARES Act includes:
Tax Credits: Employee Retention CreditEligible 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)." |
“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.
Guidance on CPAs as Agents for PPP Loan Applications
More PPP guidance:
Internal Revenue Service: IRS Guidance: Employer Retention Tax Credits U.S. Department of Labor Guidance (homepage): Guidance and News specific to coronavirus relief under FFCRA and CARES
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March 18, 2020: Effective: April 1, 2020 through December 31, 2020 The FFRCA includes:
Tax Credits:
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
Internal Revenue Service:
IRS Guidance: Paid Sick Leave and Family and Medical Leave / Employer Tax Credits
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March 6, 2020: IRS Coronavirus Tax Relief and Economic Impact Payments Resource Page
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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 |