The CARES Act
The CARES Act is the largest economic relief package in our nation’s history. Signed into law on March 27, the package includes economic support to businesses, workers and their families. The measures below were primarily designed to many thing including:
- Assist small businesses
- Protect their business
- Keep employees on payroll during this crisis
Click HERE for a business owner's guide to the CARES Act, from the U.S. Senate Committee on Small Business & Entrepreneurship.
This measure provides financial relief for small businesses that have SBA (Small Business Association) loans.
Find more details from SBA on the debt relief program HERE.
This measure provides economic relief from a temporary loss of revenue.
You can find details from SBA on the disaster loans HERE.
You can apply for the loan HERE.
These loans are designed to help small businesses keep their workers on payroll during this time of crisis.
PPP loan Information from the SBA, HERE.
PPP Fact Sheet for Borrowers, HERE.
If you wish to begin preparing your application, you can download a copy of the PPP borrower application form to see the information that will be requested from you when you apply with a lender.
These loans provide borrowers with revolving lines of credit for working capital purposes.
The Express Bridge Loan Pilot Program can provide quick economic support to help overcome temporary loss of revenue or bridge the gap while applying for an SBA Economic Injury Disaster loan.
SBA Express loans are loans Under the SBA Express Program, the SBA responds to a lender’s request for approval of a loan within a short period of time.
The Cares Act provides various options for business tax relief including but not limited to:
- Employee Retention Tax Credit: Provides a temporary tax credit against employer payroll taxes. For FAQ's on the employee retention tax credits, click HERE.
- Payroll Tax Deferral: Defers payment for Social Security taxes on employers.
- Net Operating Loss Deduction: Allows businesses to fully carry back net operating losses, allowing them to amend previous tax returns to get a refund and help cover liquidity demands.
- Refundable Credits for Prior Year Corporate Alternative Minimum Tax (AMT): Accelerates the ability for corporations to recover AMT credits.
- Business Interest Expense Deduction: Temporarily increases the cap on the business interest expense deduction for the 2019 and 2020 tax year.
- Qualified Improvement Property Depreciation Acceleration: Allows eligible businesses to fully expense the cost of property improvements in the year the cost occurs.