After much debate and discussion, Congress has passed, and the president will soon sign, an additional economic stimulus package called the Consolidated Appropriations Act (CAA). This new law combines $900 billion of targeted relief directed at the ongoing coronavirus pandemic with an additional $1.4 billion to fund the government through September 30, 2021. Despite its breadth of topics spread across its 5,593-page heft, both Democrats and Republicans left out certain projects they favor, which may be taken up again in the spring.
Among the numerous provisions that were passed in the CAA, several key features include the following:
- $300 billion aimed at supporting businesses, utilizing the existing PPP loan framework, with $15 billion specifically earmarked for live venues, independent movie theaters, and cultural institutions,
- $600 direct payments to most adults and children, utilizing the same income and age parameters that were established with the CARES Act,
- $300 weekly unemployment insurance benefit for 11 weeks,
- $48 billion combined to buy and distribute vaccines, as well as to fund additional contact tracing efforts,
- $25 billion to assist renters, including an eviction moratorium extension,
- $10 billion for childcare assistance plus an additional $13 billion for SNAP and child nutrition benefits,
- $82 billion for education providers like schools and colleges, including aid to help reopen classrooms safely,
- $7 billion to bolster broadband access to assist with keeping Americans connected remotely during the pandemic, and
- Extended tax credits for businesses, including an extension of the FFCRA “sick pay” tax credits as well as an extension of and modification to the Employee Retention Tax Credit.
Some of the topics covered in the CAA warrant their own discussion, so we will send more complete updates out on them individually. In particular, we will provide further clarification on changes to the Paycheck Protection Program as this is very important to many people. If you have any particular questions in the meantime, please feel free to reach out. We are working diligently to process and synthesize all of the important details.
This information is current as of December 22, 2020.
