The $ 1.9 trillion COVID-19 aid package, which went into effect on March 11, contains several AVMA-backed provisions that are critical to assisting veterinarians and preventing another pandemic.
These include tax breaks for qualified educational loan borrowers, support for small business programs like the Paycheck Protection Program, and funding for the surveillance and surveillance of SARS-CoV-2.
Known as the American Rescue Plan Act, the relief package temporarily provides tax-free debt relief treatment for qualifying education loans granted on December 31, 2020 through January 1, 2026. Qualifying loans generally include those that are guaranteed by the federal government.
The upcoming Internal Revenue Service regulations will clarify how the provision applies to veterinary borrowers, particularly those in income-related repayment programs. The provision also applies to debt relief through future legal provisions, administrative measures or measures by educational institutions within the specified time frame.
The American Rescue Plan Act also expands and expands many of the AVMA’s small veterinary business priorities, including providing an additional $ 15 billion in targeted disaster loans for economic injuries and PPP grants for additional nonprofits.
The law extends the retention tax credit to December 31, 2021 and the fully refundable family and sick leave tax credit to September 30, 2021 for employers who offer voluntary paid vacation to their employees.
The new law also includes an AVMA-supported language that allocates $ 300 million to monitor and monitor animals susceptible to infection with SARS-CoV-2.
Other important provisions are:
- $ 7.5 billion to distribute COVID vaccines.
- $ 48.3 billion in testing, contact tracing, and other steps to fight the virus.
- $ 39.6 billion to higher education to provide student grants and to cover lost revenue and increased costs related to COVID-19.
- $ 1,400 stimulus checks per person per dependent subject to certain income restrictions.
- Federal Unemployment Insurance Extension of $ 300 per week through September 6, 2021, including a tax exclusion of $ 10,200 for the 2020 tax year, subject to income restrictions.
Visit AVMA’s COVID-19 Resource Center for more information on laws and assistance programs related to COVID-19.