The spread of the COVID-19 Virus has changed our lives in many ways, which includes isolating ourselves from others to slow the spread to others. A byproduct of our isolation is the economic impact it is having on businesses. To help businesses weather the storm, Congress passed an economic relief plan formally known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The bill builds upon earlier versions of the CARES Act and is intended to be the third round of federal government support in the wake of the coronavirus public health crisis and associated economic fallout.
A shortlist of what The CARES Act provides for:
- Expanded Unemployment Insurance
- Paycheck Protection Program
- Recovery Rebate for individual taxpayers
- A variety of business tax provisions including
- Employers are eligible for a 50 percent refundable payroll tax credit
- Delayed Employer-side Social Security payroll tax payments
- $454 billion in emergency lending to businesses, states, and cities
To learn more about how this legislation can help you or your business, visit https://www.sbc.senate.gov/public/index.cfm/guide-to-the-cares-act.