On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act, commonly known as the CARES Act, the largest funding bill in the history of the United States.
The CARES Act provides immediate, substantial relief to employees and employers, with specific benefits aimed at small business, which provide 48% of the US GDP according to the SBA, most job growth in the last 20 years, and they employ more people than larger businesses.
The cost of this bill makes it the single largest law, in dollar terms, in the history of the World!
Immediate tax benefits to individuals include:
- Substantial stimulus checks to most adult Americans by April 20, 2020
- Major job protection programs
- Substantial extension of unemployment benefits
- Substantial relaxation of retirement plan withdrawal rules
- Elimination of required minimum distributions
- Incredible small business relief. Business benefits are also extensive.
The CARES Act includes programs such the SBA Grant, the SBA EIDL, SBA Paycheck Protection Program, the Employee Retention Tax Credit, and the Payroll Tax Delayed Deposit Program. At over 880 pages, the CARES Act contains an incredible amount of information! Moreover, the biggest issue of all for small businesses is the extreme need for timely information.
Aldaris CPA Group has provided here a downloadable summary sheet explaining each program of the CARES Act and the benefits offered to small businesses. Likewise, the summary sheet will hopefully help Aldaris CPA Group’s small business clients select which program or programs are appropriate for them after they consider of the long-term effects.
If you like to assistance in applying for any of these programs please feel free to reach out to us to schedule an appointment.