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Explore: Pandemic Relief Measures and Your Tax Return

Pandemic Relief Measures and Your Tax Return

Two emergency relief bills passed in 2020 in response to the COVID-19 pandemic will make this an unusual tax season for many taxpayers. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed in March, and a second relief package was attached to the Consolidated Appropriations Act, 2021, in December.

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Consolidated Appropriations Act Provides Relief to Individuals and Businesses

On Sunday, December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA 2021) was signed into law. A $900 billion emergency relief package is included as part of this omnibus spending bill. It is intended to assist individuals and businesses during the ongoing coronavirus pandemic and accompanying economic crisis.  Major relief provisions are summarized here, as well as some additional tax provisions.

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The Federal Reserve’s Unprecedented Moves

In response to the COVID-19 pandemic, almost every state in America is under some sort of stay-at-home order. This unprecedented time has also led many businesses, large and small, to downsize or close up shop entirely. Because of the drastic impact that COVID-19 has had on global and domestic concerns, the Federal Reserve Board has taken a multitude of measures to buttress the American economy.

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Key Provisions of the CARES Act

Recently, the $2 trillion “Coronavirus Aid, Relief, and Economic Security” (“CARES”) Act was signed into law. The CARES Act is designed to help those most impacted by the COVID-19 pandemic, while also providing key provisions that may benefit retirees.1

To put this monumental legislation in perspective, Congress earmarked $800 billion for the Economic Stimulus Act of 2008 during the financial crisis.1

The CARES Act has far-reaching implications for many. Here are some important provisions to keep in mind:

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What the Coronavirus Means for Markets

Updated February 24, 2020
Originally Posted on February 10, 2020

The current Novel Coronavirus, with over 75,000 cases and 2,600 deaths, has grown into a major health issue with a greater scope than the SARS outbreak of 2002 & 2003.  Beyond the obviously tragic human toll, the virus’s spread has caused significant anxiety for financial markets as well. 

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