CARES Act Stimulus Package Summary

Paycheck Protection Program – Financial Assistance Through “Forgivable” SBA Loans

The CARES Act expands eligibility for small business loans made under section 7(a) of the Small Business Act by enacting a new Paycheck Protection Program (the “Program”). Program loans will be 100% guaranteed by the Federal government. The Program is in effect for the period of February 15, 2020 through June 30, 2020. Read more...

THE CARES ACT IMPACT ON CORPORATE AND BUSINESS TAXES

The CARES Act has several key provisions that are meant to give corporations and business (including sole proprietorships, partnerships and S-corporations) credits, payment delays, loss carrybacks, and interest deductions to help businesses to generate cash flow and liquidity to keep business open and maintain payroll. Read more...

THE CARES ACT IMPACT ON YOUR PERSONAL FINANCES AND RETIREMENT ACCOUNTS

You have probably been hearing in the news that the government is going to mail each taxpayer a check in the next few weeks. Those checks are actually being called “rebates” and not every taxpayer is eligible. However, the CARES Act does give benefits to almost every taxpayer through some important changes to withdrawals from retirement accounts, charitable deductions, and student loan payments. All of these changes are intended to help taxpayers weather this crisis. Read more...

The CARES ACT – Highlights for Health Care Providers: Telehealth, Regulatory Relief, Reimbursement & Program Support

The CARES Act includes numerous provisions for health care providers intended to provide financial assistance, regulatory relief, technology development encouragement, and extensions of existing programs. Many of the provisions are explicitly directed at encouraging a greater use of telehealth services that will continue beyond this immediate emergency. Other provisions are focused on long-term trends favoring coordination and integration of primary care, mental health services, and substance use disorder programs. There are also a number of provisions focused on the short-term emergency, providing financial support and reimbursement for services as well as regulatory relief intended to relieve some of the heightened demand for acute care beds. The following outlines the key provisions of interest for a wide variety of health care providers. Read more...

Credit and Housing Protections under the CARES Act

In order to provide assistance and security to those adversely affected by the COVID-19 emergency, the CARES Act includes certain credit and housing related protections. Read more...

Federal non-SBA Loans and Loan Guarantees under the CARES Act

Title IV or the CARES Act authorizes the Secretary of the Treasury (the “Secretary”) to provide up to an aggregate of $500 billion of liquidity to eligible businesses, states, and municipalities related to losses incurred as a result of coronavirus in the form of loans, loan guarantees and other investments. Read more...

Loan Forgiveness Under The CARES Act: The What & How

The CARES Act enacts a new loan program through the Small Business Act, the Paycheck Protection Program (the “Program”), to provide eligible borrowers with loans to help cover costs related to the COVID-19 emergency. Under the Program, borrowers are eligible for loan forgiveness up to the principal amount of the loan.  Read more...