On December 27, 2020, the US federal government enacted the Consolidated Appropriations Act, 2021 (Pub. L. No. 116-260, the “Act”), including, among other things, a “Phase IV” package of federal assistance and legislation to address continuing economic and other concerns arising from the COVID-19 pandemic. The Act provides roughly $900 billion in COVID-19-related relief for individuals, businesses, healthcare providers, and tribal and local governments, plus various extensions to renewable energy tax credits for wind and solar power and alternative fuels.
Milbank’s COVID-19 Task Force previously published a flowchart summarizing the programs and initiatives established by Congress, the Federal Reserve, the Treasury Department, and the Small Business Administration to stabilize credit markets and help companies and nonprofit entities cope with pandemic-induced economic pressures. There have since been various refinements to these programs and initiatives as a result of the recently enacted Consolidated Appropriations Act and the Phase IV relief package.