U.S. Congress Approves USD 900 Billion COVID-19 Package Including Additional Business and Tax Relief

On 21 December 2020, the U.S. Congress approved a USD 900 Billion COVID-19 package, including additional business and tax relief measures. The package includes the "COVID-related Tax Relief Act of 2020", which provides the following main measures:

• An additional recovery rebate of up to USD 600 per qualifying taxpayer and child;
• An extension of deferred payroll taxes through 31 December 2021;
• Clarification of the tax treatment of Paycheck Protection Program loans, including that:
  • gross incom…