The Coronavirus Aid, Relief, and Economic Security Act (“CARES”) was signed into law this week. The CARES Act contains a wealth of provisions aimed to benefit small businesses and individuals.

Key programs contained in the act provide loans to help sustain small businesses and nonprofits, seeking to help these businesses to retain at least 90% of their workforces. Guidance regarding how to apply for loans will be forthcoming. The CARES Act creates a new type of SBA loan that is potentially 100% forgivable.

Other benefits found in the CARES Act include the following:

• Business Tax Relief

• Employee Retention Credits

• Payroll Tax Deferral

• Carry back of net operating losses

• Business Interest Deductions

• Suspension of non-corporate loss limitation

• Alternative Minimum Tax Credits

• Certain Individual Relief and Assistance which are detailed following the link below.

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