3.30.20
On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law.
Title II of the Act encompasses "Assistance for American Workers, Families and Businesses" and is broken out into three sections: Subtitle A: Unemployment Insurance Provisions; Subtitle B: Rebates and Other Individual Provisions; and, Subtitle C: Business Provisions.
The following summarizes key provisions of Title II providing relief to both businesses and individuals under the CARES Act.
Subtitle A: Unemployment Insurance Provisions
Subtitle A addresses relief provisions for individuals deemed "unemployed" under the CARES Act.
Additional $600 Per Week and No "Waiting" Week for State Eligible Unemployed
Additional 13 weeks of Unemployment Benefits to All Unemployment Benefits Recipients
Unemployment Benefits for Many Currently Ineligible for Benefits
Short-Time Compensation Program or "Work Sharing"
Subtitle B: Rebates and Other Individual Provisions
Subtitle B addresses relief provisions for individuals under the CARES Act.
2020 Recovery Rebates to Individuals
Enhanced Access to Retirement Funds
Increased Participant Loan Limits and Repayment
Charitable Contributions
Subtitle C: Business Provisions
Subtitle C addresses relief provisions for employers and businesses under the CARES Act.
Employee Retention Credit
Amount of Tax Credit under Section 2301
Deferral of Payroll Taxes
Net Operating Losses
Alternative Minimum Tax