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CONSOLIDATED APPROPRIATIONS ACT, 2021

ADDITIONAL ECONOMIC IMPACT PAYMENTS

Additional economic impact payments of $600 for most members of a household have begun to be sent to taxpayers.

INDIVIDUAL PROVISIONS

There are several items impacting individuals.  Items range from additional Economic Impact payments, additional deductions, exclusions from income, and tax credits.

BUSINESS PROVISIONS

Business changes include the extension of several federal tax credits, clarification of PPP loan forgiveness, and extensions and modifications of earlier payroll tax relief, along with several other items.

PAYROLL PROVISIONS‚Äč

Eligibility and amounts eligible for the Employee Retention Credit (ERC) have been greatly expanded, unemployment benefits have been extended, and certain businesses are eligible for a second draw of a Paycheck Protection Program (PPP) loan.

DEDUCTIBILITY OF BUSINESS MEALS

Business meals provided by restaurants in 2021 and 2022 are 100% deductible (up from 50%).