Uncertainty, turmoil, and speculation as to what might happen if the legislation was not signed into law has come to a welcome halt. Yielding to the pressure from lawmakers of both parties, President Trump signed the COVID-19 relief and government funding bill. President Trump disagreed with the recovery rebate of $600 and sought a rebate of $2000 to individuals and vowed to push separate legislation for this increase. He also disagreed about the amount of money allocated to foreign aid and domestic projects stating not enough was allocated to fight the pandemic. President Trump is also proposing additional legislation that highlights the funding of various programs.
This massive coronavirus relief package averts a government shutdown and will continue government funding into September 2021. This is welcome news during this holiday season and is a life raft for millions to stay afloat during these challenging times.
To view our previous alert providing an overview of the provisions in the Coronavirus Relief Package, click here. For the complete text of the relief package, go here. Expect more relief once President Biden and his administration take office in 2021. We’ll continue to give you updates on the provisions most likely to affect you or your business in the near future. In the meantime, please contact us with any questions or concerns about these new tax provisions affecting your individual financial or business situations.
We’re here to help. In the meantime, visit a special section on our website COVID-19 Tax & Business Implications.