Congress provided significant economic relief for those persons and businesses who have been impacted by the Pandemic. President Biden signed the legislation known as the American Rescue Plan Act of 2021 (ARPA), on March 11th for a $1.9 trillion stimulus to the economy. This Act covered a lot of ground. It authorized, among other items, individual tax credits, child tax credits, increased deductions for cash donations to charities, a reduced medical expense deduction threshold, student loan forgiveness, business employee retention credits, and additional loan programs that may be forgiven under certain conditions.
You can read a more in-depth explanation of the key provisions of ARPA here.
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