Today [March 27], President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the $2 trillion stimulus package that is the third phase of the federal government's response to the COVID-19 pandemic. Importantly for APCA members, the bill authorizes emergency loans to distressed businesses.
With respect to small businesses, the CARES Act
* Establishes, and provides funding for, forgivable bridge loans; and
* Provides additional funding for grants and technical assistance.
The Act also provides funding for $1,200 tax rebates to individuals, with additional $500 payments per qualifying child. The rebate begins phasing out when incomes exceed $75,000 (or $150,000 for joint filers).
The CARES Act, through the Paycheck Protection Program, allocates almost $350 billion to support emergency loans to qualifying businesses.
Below is guidance on the Paycheck Protection Program from the Senate Committee on Small Business & Entrepreneurship. You can learn more on the Small Business Administration website: https://www.sba.gov/funding-programs/loans/paycheck-protection-program.
U.S. Department Of Labor Publishes Guidance Explaining Paid Sick Leave And Expanded Family and Medical Leave Under The Families First Coronavirus Response Act
WASHINGTON, DC – Today, the U.S. Department of Labor’s Wage and Hour Division (WHD) announced its first round of published guidance to provide information to employees and employers about how each will be able to take advantage of the protections and relief offered by the Families First Coronavirus Response Act (FFCRA) when it takes effect on April 1, 2020.
U.S. Department of the Treasury, IRS and the U.S. Department of Labor Announce Plan to Implement Coronavirus-Related Paid Leave for Workers and Tax Credits for Small and Midsize Businesses to Swiftly Recover the Cost of Providing Coronavirus-Related Leave
March 20, 2020 - WASHINGTON, DC – Today the U.S. Treasury Department, Internal Revenue Service and the U.S. Department of Labor announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act, signed by President Trump on March 18, 2020.
I have been struggling with writing our own COVID-19 dissertation in light of the fact that you have likely received emails on the Corona Virus from every conceivable source including schools, restaurants, accountants, lawyers, airlines, hotels, and trade associations. They all say pretty much the same thing—wash your hands, keep your distance, etc. We have nothing to add to keep you safe as we’ve all been reading and watching the same things.