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After months of negotiations in Washington, an agreement has been reached 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 has signed it.
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.
Key provisions for individuals, businesses and employers
The following is a broad overview of some of the provisions that may impact you:
Businesses and other employers
Additional details to come
This is meant to be a brief review of the recent COVID-19 aid package. In the near future we will share additional information and insights about the provisions most likely to affect you or your business.
In the meantime, if you have any questions or concerns about these new tax provisions please contact a member of your DGC client service team or Kimberley Train, CPA, ABV at 781-937-5112 / firstname.lastname@example.org or George Shaw, CPA at 781-937-5125 / email@example.com. You can also visit DGC's coronavirus web page at dgccpa.com/coronavirus which is frequently updated with new resources.