Employee Benefits & Executive Compensation. In the employee benefits context, the CAA-21 added extensive surprise medical billing requirements for group health plans and insurers. Other health plan provisions under the CAA-21 include health plan advance estimates, transparency regarding deductibles and out-of-pocket limits, a health plan price comparison tool, a prohibition on price information gag clauses, COVID-19-related relief for health flexible spending arrangements (health FSAs), disclosure of compensation rules for brokers and consultants, mental health parity disclosures, and more. Regarding retirement plans, the CAA-21 provided temporary relief from the partial plan termination rules, added special disaster relief for plan distributions and loans, clarified how coronavirus-related distributions apply to money purchase pension plans, and more. In the executive compensation context, the CAA-21 places executive compensation restrictions on companies receiving certain stimulus aid under the CAA-21. (For more information, see Legal Update, Year-End COVID-19 Stimulus Legislation Includes Numerous Employee Benefit and Executive Compensation Provisions, Including Surprise Medical Billing Requirements for Health Plans.)

Labor & Employment. The CAA-21 contains several key labor and employment provisions, including the Continued Assistance for Unemployed Workers Act of 2020. It extends (with some modification, and some payment gaps due to the timing of enactment) many benefits provided under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) enacted in March 2020. For more on the CARES Act, see Practice Notes, COVID-19: Unemployment Benefit Provisions of the CARES Act and FFCRA and Road Map to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CAA-21 also allows employers to continue to take tax credits for voluntarily provided qualifying paid sick and family leave under the Families First Coronavirus Response Act (FFCRA) through March 14, 2021. However, the CAA-21 does not extend covered employers' obligation to provide any FFCRA leave after December 31, 2020. For more on the FFCRA, see Practice Note, COVID-19: Paid Sick and Family Leave Under the FFCRA. For more information on the labor and employment provisions of the CAA-21, see Legal Update, Congress Passes and Trump Signs Year-End Appropriations and COVID Stimulus Bill with Key Employment Benefits.

Finance. The CAA-21 extends, increases, or modifies certain financial relief programs provided under the CARES Act, including the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) Emergency Grants for small businesses under the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. The CAA-21 creates a new SBA program of Grants for Shuttered Venue Operators, including operators of motion picture theaters, live theaters, performing arts venues, museums, and other cultural institutions adversely affected by COVID-19. It also enhances or modifies the availability of financial relief provided under other SBA programs, including the 7(a) Loan, 504 Loan, and Microloan programs. The CAA-21 rescinded unused funds provided to the US Treasury Department under the CARES Act for investment in certain Federal Reserve Board (FRB) lending and liquidity facilities, including the Main Street Lending Program, and it terminated the FRB's authority to make any further loans or purchase loan participations under these facilities. For more information on the finance provisions of the CAA-21, see Legal Update, Congress Passes and President Trump Signs Year-End Appropriations Bill with Key Small Business and Other Lending and Liquidity Benefits. For more information on the CARES Act, see Practice Note, Road Map to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).