President Trump signed into law, on Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), commonly known as “Phase Three” of coronavirus economic relief. This stimulus package aims to put approximately $2.2 trillion into the economy and into the hands of businesses and individuals.
Top 5 Key Takeaways:
1. Individual Stimulus Payments ("2020 recovery rebate for individuals")
Related Recorded Webinar: Overview of the Key Tax Provisions of the CARES Act
2. Small Business Loans ("Paycheck Protection Loans")
3. Loan Forgiveness of "Paycheck Protection Loans"
4. Emergency Government Disaster Loan
5. Tax Provisions in the CARES Act
As always, we are monitoring the every-changing situation and will keep you updated on any and all new developments.
COVID-19 Resources and Planning Services
Need timely updates and helpful links to COVID-10 disaster relief programs? Visit GPP’s COVID-19 Business Assistance and Resource Center. To learn the best path forward for your business during this challenging time, our COVID-19 Business Advisory and Planning Services Group is ready to assist.
For immediate questions, email CARETEAM@GPPcpa.com
Note: This content is accurate as of the date published above and is subject to change. Please seek professional advice before acting on any matter contained in this article.