December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues
Act (Economic Aid Act) (Pub. L. 116-260) became law. The Economic Aid Act extends the
authority to make PPP loans through March 31, 2021 and revises certain PPP requirements. This
interim final rule incorporates the Economic Aid Act amendments required to be implemented
by regulation within 10 days of enactment.
On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA) was signed
into law which included additional COVID-19 related relief. Key financial reporting
provisions of the CAA that we believe are of the most interest to our CPEA members are
presented below. The CAA is voluminous and covers a wide range of topics. We
encourage our members to stay abreast of developments related to the CAA as further
analysis and implementation of its provisions progress.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, is designed to encourage Eligible Employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19, with an employee retention tax credit (Employee Retention Credit).