Congress has passed, and the president has signed into law, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), which is intended to provide direct health care aid and economic relief in response to the COVID-19 pandemic. The Act provides over $2 trillion of relief in the form of public health aid, tax relief for individuals and businesses, and direct appropriations for many affected industries.
Below is a high-level summary of a few of the key provisions affecting individuals and certain businesses. Not included below are the several hundreds of billions of dollars of direct appropriations to states, hospitals, transportation industries, the Department of Treasury to provide direct loan programs, and various relief funds to combat both the deleterious healthcare and economic effects of COVID-19.
Rules Relating to Retirement Accounts
Small Business Loans
Employee Retention Credit
Deferral of Social Security Taxes
Links to SBA Resources: