On Sunday, December 27, the $900 billion bipartisan COVID-19 economic relief package became law. The Consolidated Appropriations Act, 2021 (the “CAA”) provides economic impact payments of $600 to individuals making up to $75,000 per year and $1,200 for couples making up to $150,000 per year, plus $600 for each child dependent.
The coronavirus response and relief package appears primarily in Divisions M and N of the CAA, which also includes $1.4 trillion to fund the federal government for the rest of fiscal year 2021. The CAA provides funding for the unemployed, renters, families, small businesses, COVID-19 vaccines and therapeutics, health care providers, transportation providers, schools, child care providers and broadband access. The law is the fourth major COVID-19 aid package passed by Congress since March. The CAA builds on programs and provisions contained in the three economic relief laws enacted earlier in the pandemic: the Paycheck Protection Program and Health Care Enhancement Act (“PPPHCE Act”), the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and the Families First Coronavirus Response Act (“FFCRA”).