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COVID-19 Update: The CARES Act

March 26, 2020

Our team is continuously monitoring the rapidly changing landscape in an effort to provide you with updates related tax deadlines or any further legislative relief that may affect you or your business. Last night, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) passed the U.S. Senate and is expected to pass the House tomorrow to then be signed by the President.

The CARES Act is a whopping 880 pages long, consisting of several different Divisions and Titles.

  • Division A – Keeping Workers Paid and Employed, Health Care System Enhancements, and Economic Stabilization
    • Title I – Keeping American Workers Paid and Employed Act, which includes paycheck protection and loan forgiveness, and small business contracting relief.
    • Title II – Assistance for American Workers, Families, and Businesses, which includes unemployment insurance and tax relief.
    • Title III – Supporting America’s Health Care System in the Fight Against the Coronavirus, which includes provisions related to medical supplies, health care coverage, and paid sick and family medical leave.
    • Title IV – Economic Stabilization and Assistance to Severely Distressed Sectors of the United States Economy, including relief to airlines, financial institutions, and sectors critical to national security.
    • Title V – Coronavirus Relief Funds
    • Title VI – Miscellaneous Provisions
  • Division B – Emergency Appropriations for Coronavirus Health Response and Agency Operations

We thought it would be beneficial to first provide highlights of the Individual and Business Provisions of the Keeping Workers Paid and Employed, Health Care System Enhancement and Economic Stabilization section that you need to know now. You will find links to our blog posts on those topics below.

Over time, we will summarize different sections but don’t hesitate to contact your BLS Team Member directly or at info@belfint.com to see how the CARES Act affects you or your business.

We are here for you!

Your BLS Team

Need Additional Information?

If you need more information, please contact us so we can connect you with one of our CPA advisors who will be committed to your business and personal success. BLS is here to help!