Business Tax Effects of New Covid Stimulus Law

Business Tax Effects of New Covid Stimulus Law

The American Rescue Plan Act of 2021 (ARPA), enacted by President Joe Biden on Thursday, is an approximately $1.9 trillion COVID-19 relief, funding and tax bill that has received a lot of attention for the inclusion of $1,400 direct payments to individuals.

What else does it do?

An extension of the $300 federal unemployment benefit supplement through Sept. 6, $15 billion of additional targeted Economic Injury Disaster Loan (EIDL) grants $28.6 billion to fund a new grant program for certain restaurants, a tax exclusion for certain unemployment compensation income and for certain EIDL…

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