Your parent's friend, Laura, heard that you are taking a federal tax class. She emailed you last week asking if you could help her with a tax question. She was watching the news and saw a segment about the new Covid-19 relief package, which was signed into law on December 27, 2020. She knows there have been other provisions (like the CARES Act and the SECURE Act), also passed to help bring relief to individuals and businesses during this global pandemic. She is confused and overwhelmed and looking for some guidance. Laura teaches kindergarten and her husband, Keith, runs a small hardware store. Laura was unemployed for a while, but recently returned to school, teaching her students part-time, hybrid and live. She had to purchase a lot of supplies to make her classroom safe, which she paid for herself. Her husband has been struggling to keep his business open. He employs a small number of employees, who fulfill online orders and sometimes make deliveries. He's been struggling to keep up with his payroll expenses but doesn't want to layoff any employees. Keith and Laura have one child living with them. They try to make contributions to their child's education savings account and their own retirement accounts every year.

She wants to know what all these Covid-19 relief packages mean when considering her 2020/2021 finances. How might it impact her teaching expenses? How might it impact Keith's store and his employees? How might it impact their savings accounts for their children's education and for their retirement? What should she keep in mind when preparing her 2020 tax return?