The Consolidated Appropriations Act, 2021 was a $2.3 trillion spending bill signed into law on December 27, 2020 with the purpose of continuing to offer aid to Americans and their businesses affected by the COVID-19 pandemic.
Two sections in Division NN of the Act in particular address the employee retention credit (ERC), a credit first created in the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March of 2020. Sec. 206 allows businesses to retroactively borrow a PPP