March 19, 2021
On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (the Rescue Plan), the first stimulus legislation of the Biden Administration. Chief among the $1.9 trillion stimulus act is support for individuals, including $1,400 checks to many Americans, extended unemployment benefits, and expanded tax credits; $360 billion to state and local governments; and the biggest changes to the Affordable Care Act since its passage. Like past stimulus legislation, the Rescue Plan also provides support for businesses struggling as a result of the pandemic. Among other things, it provides a modest increase to the Paycheck Protection Program and expands the program’s eligibility to more non-profits and news organizations, creates a new grant program for restaurants that have suffered pandemic-related losses, and again extends payroll support for the airline industry.
In this alert, we build on our prior alerts concerning the CARES Act and related programs (available here) by providing a short overview of the key provisions of the Rescue Plan that relate to small business relief and airlines. This alert is not intended to provide a comprehensive overview of the Rescue Plan. Additional alerts concerning topics such as higher education[1] and employee benefits[2] have been published separately. We encourage you to reach out with particular questions or to obtain additional information about the topics covered in this alert or otherwise.
Click here to read the full alert.