Understanding the Key Provisions of the Latest COVID-19 Legislation

This week, Congress passed the first significant COVID-19 stimulus package since the CARES Act nearly nine months ago. On Tuesday evening, Dec. 22, President Donald Trump called the measure a “disgrace,” but did not issue a veto threat. The bill’s fate was uncertain at press time for this edition of the Leadership Briefing.

OMA Connections Partner Clark Schaefer Hackett has published this summary of the key business-related provisions in the 5,593-page measure, titled the Consolidated Appropriations Act (CAA).

To provide further insight, OMA Connections Partner RSM has published several summaries of the CAA’s provisions, including its:

• Paycheck Protection Program (PPP) tax fix and second-draw program;
• Direct payments to individuals and tax credits for businesses;
• Business assistance provisions; and
• Extensions of the CARES Act credits and incentives.

OMA Connections Partner Dinsmore reports that the CAA does not extend requirements for employers to provide emergency paid sick leave or emergency paid family and medical leave under the Families First Coronavirus Response Act (FFCRA) beyond the original Dec. 31 expiration date. However, Congress did extend employers’ ability to utilize the FFCRA tax credit until March 31, 2021, if employers voluntarily continue to provide FFCRA paid leave benefits to their employees. 12/22/2020