What’s in the New Covid Relief Law?

Stimulus payments are just part of it. Also: more unemployment, PPP, EIDL loans, Employee Retention Credit, EIC, CTC, eviction moratorium, and more.

What is in the new COVID-19 relief package?

The new covid-19 relief package contains approximately $900 billion of programs for individuals and businesses. It includes renewal of many programs created in the CARES Act, including the Paycheck Protection Program, direct payments to individuals, unemployment insurance expansion, and more.

Pandemic relief

The bill provides a refundable tax credit in the amount of $600 per eligible family member. The credit is $600 per taxpayer ($1,200 for married taxpayers filing jointly), in addition to $600 per qualifying child. The credit phases out starting at $75,000 of modified adjusted gross income ($112,500 for heads of household and $150,000 for married taxpayers filing jointly) at a rate of $5 per $100 of additional income. Treasury is authorized to issued advance payments of this credit (economic impact payments) in the same way it made stimulus payments under the Coronavirus Aid, Relief, and Economic Security.