1. Short title This Act may be cited as the Emergency Social Security COLA for 2021 Act . 2. 3 percent cost-of-living adjustment for calendar year 2021 (a) In general Notwithstanding paragraph (1)(C) of section 215(i) of the Social Security Act ( 42 U.S.C. 415(i) ), the applicable increase percentage for the cost-of-living computation quarter in calendar year 2020 is deemed to be 3 percent for purposes of computing increases provided under paragraph (2)(A)(ii) of such section. (b) No effect on eligibility or amount of Federally Funded benefits In any case in which the benefits or assistance paid to an individual under any Federal program or under any State or local program financed in whole or in part with Federal funds are increased as a result of the enactment of subsection (a), such increase shall be disregarded for purposes of determining— (1) the eligibility of such individual (or the individual’s spouse or family) for benefits or assistance under any other such program; and (2) the amount or extent of such benefits or assistance. (c) Hold harmless for the Social Security Trust Funds There are appropriated, out of any moneys in the Treasury not otherwise appropriated, to each of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund for each fiscal year such amounts as the chief actuary of the Social Security Administration shall certify are necessary to place each such Trust Fund in the same position at the end of such fiscal year as it would have been in if subsection (a) had not been enacted.