No, it's not a free year.
This year is just merged into next. So if you spend 100m this year, you have to make it all up next year to balance things out. in 2022 they'll be looking at 2019, [2020+2021] and 2022 as the reporting years.
Lost revenue that can be directly attributed to the pandemic (match day, broadcast differences year on year) can be made up through owner investment or loans, but not spending like transfers.
you said the magic word right there (owners)
if you can add your own money through owner investment or loans then why is there FFP in the first place ??
this is why manchester city 2 year ban stink on many fronts. and first we was punished by a £49 million fine and squad reduction ? and if what your saying owners can give loans to a club than what have manchester city done wrong ? if you think about all the prize money city have won over the last 10 years and add tv money sponsorship money. then it will add up to more than what the owners paid for the club in the first place ?
its all bollocks by uefa and the FFP and all the rules and changes ? you think if city did what the elite did we would get away with it