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Provisions in Coronavirus Aid, Relief, and Economic Security (CARES) Act

Our firm wants to provide up-to-date information regarding the Coronavirus, its impact on the economy, and perhaps your own personal or business situation.  This information seems to change quickly; therefore, we will do our best to provide new details when they are made available.

Every business situation is unique, and we should discuss the opportunities listed below and how they apply to you.

 

CARES Act tax benefits for Businesses

Coronavirus has impacted businesses in so many ways.  As a result, small business will have opportunities to respond to the challenges in a few ways.  Click the link for a brief summary here.

 

Small Business Administration (SBA) Loan Guidance

Whether you are a sole proprietor, self employed individual or a small business with fewer than 500 employees, you are likely eligible for the 7(a) Paycheck Protection Program (PPP) loan authorized by the Small Business Administration. The loan’s features include required payment deferral, low interest rates and potential forgiveness, depending on the use of the proceeds. Small Business Owners Guide to the CARES

 

SBA Loan Application

Paycheck Protection Program Application Form here.

 

Enhanced Unemployment benefits for Individuals and Self employed

The CARES Act made more New Yorkers eligible for Unemployment Insurance.  In the new program for the first time ever, self employed persons have the ability to file and collect.  Find out more in the following link NYS Enhanced Unemployment

 

CARES Act tax benefits for Individuals

The CARES Act enacted several provisions to provide financial assistance to individual taxpayers including an advanced rebate credit and enhanced retirement plan distribution and loan rules. Read more here.