The Consolidated Appropriations Act, 2021, enacted Dec. 27, 2020, and the American Rescue Plan Act, which was signed in to law on March 11, 2021, have extended the deadline and expanded who is eligible to claim the credit. The American Rescue Plan, gave businesses until Dec. 31, 2021 to claim the credit — an addition of six months from the deadline established in December 2020.
Although further guidance is necessary from the Internal Revenue Service to assess upcoming changes to Form 941 necessary to claim the credit, this page highlights eligibility, qualified wages, how the credits work and more. It also delineates by law and date because, depending on whether you took a Paycheck Protection Program (PPP) loan and when you claim the credit, there are different requirements.