While the programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act are primarily intended to assist businesses, there are many programs that nonprofits and higher education institutions can benefit from.
The CARES Act includes several relief provisions for tax-qualified retirement plans, expands health care flexible spending accounts so funds can be used for over-the-counter items, clarifies some health insurance plan questions, and, through year-end, allows employers to reimburse employees for student loan payments tax-free.
The CARES Act includes several business provisions that may impact a company’s accounting for income taxes. In addition, the impact of COVID-19 itself on businesses draws attention to certain provisions in ASC 740.
This alert briefly summarizes the following relief provisions affecting individuals enacted in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted on March 27, 2020.
In response to the novel coronavirus (COVID-19) pandemic affecting the small business community across the country, the U.S. Small Business Administration (SBA) is offering 2 types of loans for small businesses to help through this unprecedented time; the Paycheck Protection Program and Economic Injury Disaster Loans.
To help provide some assistance, the Federal Office of Management and Budget (OMB) released a memo on March 19, 2020, providing federal agencies with guidance for managing grants and cooperative agreements during the COVID-19 pandemic.
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19).
The federal government is trying to get much-needed cash into the hands of employers and employees affected by COVID-19 as quickly as possible.
The Treasury Department and Internal Revenue Service announced March 21, 2020 that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
The Families First Coronavirus Response Act (H.R. 6201), became law on March 18, 2020. The Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding.