COVID-19 Relief for Employees and Individuals, Dec. 29, 2020

The consolidated appropriations bill also provides a second $600 stimulus check to individuals with income that falls below the applicable threshold levels. As with the initial round of stimulus checks, availability begins to phase out for individuals who earn at least $75,000 annually ($150,000 for joint filers). Importantly, the law also provides up to $300 per week in enhanced unemployment benefits through March 2021, and also extends unemployment compensation for self-employed and gig workers. The FFCRA mandate that required all small business owners to permit employees to take COVID-19 related paid leave was technically allowed to expire on December 31. However, the law provides that employers may voluntarily permit unpaid leave and receive a tax credit for wages paid during the employee's leave through March 31, 2021. This tax credit has also been extended to self-employed taxpayers who can satisfy the existing criteria for leave. For more information on the changes made by the new law, visit Tax Facts Online.