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Some Highlights from the CARES Act

 

by Nhit Hernandez  nhernandez@bvcocpas.com

 

 

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law in March 2020, provides financial relief to individuals, businesses, state and local governments during the COVID-19 health crisis. Below are some of the provisions related to businesses and self-employed individuals. Consult with your local banker and check SBA.GOV for updates on funding options.

Paycheck Protection Program (PPP)

The $349 billion appropriated to the PPP was depleted within the first two weeks. Congress passed a bill on April 23, 2020 for an additional $320 billion infusion.

i.   Forgiveness is based on employee retention or rehiring and maintaining salary levels similar to prior periods.

Economic Injury Disaster Loan (EIDL) and Emergency Advance

Employee Retention Credit

i.   A business is disqualified if it has received the PPP loan. Self-employed persons are also not eligible.

i.   Employers can claim up to $5,000 of credit per employee.

ii. Businesses with 100 or fewer employees can claim wages paid to working or non-working employees. Employers with more than 100 employees can claim the tax credit for wages paid to employees currently not working.

Deferral of Employment Tax Deposits and Payments

 

The information above does not constitute tax advice. It is intended for information only. Please consult with your professional tax advisor for questions regarding the CARES Act and its potential tax impact.





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