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

CARES Act Includes Financial Support for Nursing Homes

By: Alec Dobson The $2 trillion CARES Act, passed by the House on Friday and promptly signed into law by President Trump, provides $200 million for nursing homes for infection control and $100 billion for grants to a broad range of health care providers. The Centers for Medicare and Medicaid Services will receive $200 million to help nursing homes with infection control and support states’...

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$2 Trillion Stimulus CARES Act – Educational and Labor Impacts

By: Abby S. Busler While the majority of provisions in the CARES Act address loans and stimulus plans for individuals and businesses, the CARES Act also enacts additional legislation directly impacting schools and amends the Families First Coronavirus Response Act (FFCRA). The Act sets forth approximately $13.5 billion dollars through formula grants to States to support local educational...

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Coronavirus Aid, Relief, and Economic Security Act (CARES): Title IV – Assistance to Severely Distressed Sectors of the United States Economy

Coronavirus Aid, Relief, and Economic Security Act (CARES): Title IV – Assistance to Severely Distressed Sectors of the United States Economy

By: Ryan M. Spott, Danielle S. Fadel and Kathy L. Nusslock On March 25, 2020, the United States Senate approved the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), a $2 trillion stimulus deal that aims to provide emergency assistance and health care response for individuals, families and businesses affected by the 2020 coronavirus pandemic. As expected, the CARES Act...

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CARES Act: Historic Senate Legislation to Provide Individuals with Personal Tax Rebates Among Other Tax Advantages (Updated March 27, 2020)

By: Ann M. Rieger On Friday, March 27th, the House of Representative approved the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The Act, which is designed to provide economic relief as the United States adapts to the outbreak of COVID-19, had previously been approved by the Senate in the late hours of March 25th, by a rare bipartisan vote of 96-0. With President Trump’s...

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CARES Act: Robust Tax Benefits for Businesses

By: Gini L. Hendrickson and Mark G. Kmiecik Near the midnight hour on March 25, 2020, the U.S. Senate unanimously passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) which includes numerous robust tax benefits to businesses in its $2 trillion aid package designed to assist the economy as it endures the effects of the coronavirus pandemic.  Provisions under the CARES Act to...

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CARES Act Passed Providing Forgivable Loans to Maintain Business Continuity in Trying Times (Updated March 27, 2020)

By: Michael Van Someren and Lawrence J. Glusman The “Coronavirus Aid, Relief, and Economic Security Act” or “CARES Act” was signed into law by the president on March 27, 2020. The CARES Act has a number of provisions meant to allow employers to receive forgivable loans to pay business expenses and permit them to maintain continuity of operations to the extent possible in light of other legal...

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Employer Guidance: Preparing for a Positive COVID-19 Test Among Employees

By: Abby S. Busler As the pandemic escalates, businesses are adapting and reacting to the changing times.  It is likely that employers will have employees test positive with COVID-19 within the next few weeks and months.  The positive tests will create employee absenteeism, changes in patterns of commerce and potential interruptions of supply/delivery.  Many of you are wondering, what must you...

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Borrowers Under SBA 504 and SBA 7(a) Loan Programs Eligible for Deferral of Principal, Interest and Fees for up to Six Months

By: Lawrence J. Glusman and Michael Van Someren To address temporary business interruptions, U.S. Small Business Administration (SBA) lenders nationwide have authority to defer payments of principal, interest and servicing fees for up to six months.  Borrowers with existing loans under the SBA 504 Loan (Certified Development Company) program and the SBA 7(a) Loan Guarantee program should...

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Employer Relief May Be in Sight – Senate Bill Includes Forgivable Loans to Maintain Payroll for Next Four Months

By: Michael Van Someren and Lawrence J. Glusman The Senate is currently considering a bill that could greatly increase the ability of employers to retain their employees.  The Coronavirus Aid, Relief, and Economic Security Act or “CARES Act” is currently being considered by the U.S. Senate.  While it has not yet passed and includes a number of provisions, perhaps the most important to companies...

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President Trump Signs Relief Package for Employers: Families First Coronavirus Response Act

By: Abby S. Busler, Gini L. Hendrickson and Laurie E. Meyer Late last night, President Trump signed the Families First Coronavirus Response Act (FFCRA), an emergency relief package designed to assist employers and employees in the wake of the 2019 coronavirus pandemic (COVID-19).  This signature is on the heels of the Senate which voted to accept a revised version of FFCRA on March 18, 2020. ...

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