Posted by
Viventium
| March 28, 2020
The U.S. House of Representatives has just passed the
Coronavirus Aid, Relief, and Economic Security (CARES) Act. This bill is set to aid businesses and displaced workers struggling through the COVID-19 pandemic. The $2 trillion response bill was passed by the U.S. Senate earlier in the week and is expected to be signed into law by President Trump. The groups that will benefit from the bill are individuals, businesses, public health and health care organizations, state and local governments, education and safety net programs. What some of the highlights of the CARES Act?
This information is for educational purposes only, and not to provide specific legal advice. This may not reflect the most recent developments in the law and may not be applicable to a particular situation or jurisdiction.
- Direct payments of up to $1,200 for millions of Americans
- A deferment of the payment of the employer portion of Social Security Tax
- A payroll tax credit for certain employers who retain employees
- $250 billion to bolster unemployment insurance
- Over $350 billion in loans to small businesses that may be forgiven if workers are kept on payroll
- Over $500 billion in aid for distressed companies including airlines
- This includes a fully refundable tax credit that covers to 50 percent of payroll on the first $10,000 of compensation, including health benefits, for each employee.
- Over $100 billion in aid to hospitals and home health providers
This information is for educational purposes only, and not to provide specific legal advice. This may not reflect the most recent developments in the law and may not be applicable to a particular situation or jurisdiction.