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Please note that this blog is based on laws effective March 31, 2020 and may not contain later amendments. Please contact Cray Kaiser for most recent information.
In reaction to the ongoing pandemic, Congress is continuing to pass legislation with the anticipation of rebounding our struggling economy. Late last week, Phase 3 of this effort was passed by Congress and signed by President Trump. This latest piece of legislation is referred to as the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). CARES is one of the largest stimulus bills to get signed and impacts individuals, businesses and certain non-profits. It includes tax law changes, expanded unemployment benefits, and business loans, some of which have forgivable features. As guidance and regulations for CARES become available, we will provide continued updates of the key provisions.
Business loans have caught the attention of many in recent days and this is an area we wanted to further clarify. The U.S. Small Business Administration (SBA) is administrating loans under economic injury disaster loans (EIDL) and through payroll protection loans (PPL) provided by CARES. Although both programs target small businesses and nonprofits (generally less than 500 employees), there are certain key provisions for each of these loans that do vary significantly, and we wanted to detail those for you. Please click here to read more.
These are certainly trying times and we want to reiterate that Cray Kaiser is here for you. As things continue to evolve in light of the COVID-19 pandemic, we at CK are taking additional precautions for the benefit of our team members and our clients.
We want to remind our clients of our portal access and your ability to safely and securely share your information with our team. We ask that you email firstname.lastname@example.org to request your portal access. This will eliminate the need for you to drop off your tax information at our office.
Thank you for your patience and understanding during this challenging time. We wish you, your family, and your business health and safety. We will continue to support you as best as we can while keeping each other’s health a priority. If any changes occur during the course of the next few days, we will update our website.