Archive for COVID-19

CARES Act: Coronavirus Aid, Relief, and Economic Security Act

Congress passes the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

On March 27, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act comes as a continued response to the Coronavirus 2019 (COVID-19) pandemic that is significantly impacting the United States. The Act is a $2.2 trillion economic package that is meant to stabilize individuals and employers, while the nation continues to experience shelter-in-place advisories/orders and hospitals report a surge of severely ill COVID-19 patients. The Act’s Paycheck Protection Program is retroactive to February 15, 2020, which is important for businesses that have been experiencing financial hardships starting in February.

Read more here.

Click here for Frequently Asked Questions about the CARES Act

Posted in: COVID-19, News You Can Use

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Treasury, IRS, and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses

The IRS issued official guidance as to how the credit for paid leave due to COVID-19 will be taken.  It will be a direct offset against any payroll tax deposit required, so it will make the additional cash immediately available.  There are some pretty good examples in the IRS notice issued yesterday, which you can read here:

Visit: IRS.gov

Posted in: COVID-19

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