The Coronavirus Aid, Relief, and Economic Security Act (CARES Act, H.R. 748) was signed into law on Friday, March 27th, 2020. The act is meant to provide economic relief nationwide with a $2 trillion stimulus package. Titles I, II, III, and IV of the Act (Keeping American Workers Paid and Employed Act,; Assistance for American […]
Section 2302 The CARES Act, Delay of Payment of Employer Payroll Taxes, allows employers who wish to defer the payment of the 6.2% employer social security taxes that would be paid through December 31, 2020 [1]. The first half of the taxes due would be deferred to December 31, 2021, while the second half of […]
Section 2301 of the CARES Act, the Employee Retention Tax Credit was designed to help businesses who are closed, partially closed, or are dealing with substantial revenue losses due to COVID-19. If you received a Paycheck Protection Loan, you are not eligible for a tax credit [1]. Eligibility Private Employers, including non-profits, regardless of size, […]
Please find the following post regarding Expanded Tax Deductions for Interest Expense Payments under the CARES Act, from the law firm WithersWorldwide: Private Client Considerations: Expanded tax deductions for your interest expense payments with the CARES Act April 8, 2020 Tax Code Section 163(j) had long imposed limitations on certain corporate taxpayers’ ability to take […]
Vi preghiamo di leggere questo aggiornamento riguardante il provvedimento CARES Act e Paycheck Protection Program che ha scritto l’avvocato Andrea Fiocchi, Partner di Reinhardt LLP : 3 Aprile 2020 (3a Parte) Abbiamo i seguenti aggiornamenti per coloro che stanno avendo difficoltà a depositare la domanda di PPP con la propria banca: BNB Bank Abbiamo parlato […]
Please see the interesting note on the CARES Act and SBA Applications, regarding Affiliations and Companies with over 500 employees, provided by Charles R. Bernardini, a lawyer from Nixon Peabody, LLP, a law firm with whom we are acquainted. When applying for SBA CARES loan there is potential problem for groups with more than 500 […]