The CARES Act was signed into law on March 27, 2020 in response to the COVID-19 pandemic. The Act provides various stimulus and relief programs for businesses and individuals. For businesses and employers, the programs include the Paycheck Protection Program with potential loan forgiveness, Emergency Injury Disaster Loans (EIDL), Employee Retention Credit for businesses closed due to COVID-19, payroll tax relief, and a 5-year carry back for net operating losses. Individuals may receive cash rebates, be eligible for distributions from retirement accounts, get a waiver for RMDs, and enhanced unemployment benefits.
If you have questions, please call one of our attorneys for additional information.
If you are a small business, we have excellent relationships with many local lending institutions.