Resources

CARES Act Summary

Resources for your Business

On March 25, the U.S. Senate passed the emergency economic relief package known as the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). If passed by the House of Representatives in its current form, Title I of the CARES Act would provide loan programs for small businesses, including the Paycheck Protection Program, Loan Forgiveness, Emergency EIDL Grants, and Subsidy for Certain Loan Payments. Click here to read a summary of these provisions prepared by the Calfee Halter law firm. The CARES Act is expected to be passed soon by the House and signed into law.

The Senate’s version of the CARES Act has employment tax and income tax provisions designed primarily to allow businesses the opportunity to retain cash or receive cash in the form of tax refunds in the near term. Click here to read a summary – again, prepared by Calfee, of the proposed material tax law changes affecting businesses. A more detailed summary of the Senate bill will be forthcoming, and we will share any new information from Calfee in regard to revisions to the legislation as it moves through the House of Representatives. As with any tax provision, the information in the attached document are subject to certain qualifications and exceptions that will need to be analyzed on a case-by-case basis, if they become law.

The above are summary materials provided by an external firm, no affiliated with Tarkett. We suggest you consult with your legal counsel on how these programs and provisions may apply to your business.

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