The CARES Act provides fast and direct economic assistance for American workers and families, small businesses, and preserves jobs for American industries. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress with overwhelming, bipartisan support and signed into law by The President on March 27th, 2020. The CARES Act provides fast and direct economic assistance for American workers, families, and small businesses, and preserve jobs for our American industries
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Through Economic Impact Payments and other means, the Treasury Department is ensuring Americans are seeing direct and fast relief in the wake of the coronavirus pandemic.
The Paycheck Protection Program is providing small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead.
State & Local Gov.
By implementing the CARES Act, the Treasury Department is taking unprecedented steps to preserve jobs in industries adversely impacted by the spread of COVID-19.
Through the Coronavirus Relief Fund, the CARES Act provides for payments to State, Local, and Tribal governments navigating the impact of the COVID-19 outbreak.
The CARES Act Provides Assistance to Workers and their Families
The CARES Act provides for Economic Impact Payments to American households of up to $1,200 per adult for individuals whose income was less than $99,000 ( or $198,000 for joint filers) and $500 per child under 17 years old – or up to $3,400 for a family of four.
Additionally, the IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.
Treasury is launching a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
Be sure to check this space as well as covidtestingcenters.com for COVID-19 updates.
SOCIAL SECURITY RECIPIENTS
The CARES Act Provides Assistance to Small Businesses
Tools to get a PPP Loan
Treasury Department has a list of up to date Tools to take part in the Paycheck Protection Program.
Economic Injury Disaster Loans
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
The CARES Act provides Assistance for State and Local Governments
Through the Coronavirus Relief Fund, the CARES Act provides for payments to State, Local, and Tribal governments navigating the impact of the COVID-19 outbreak. The CARES Act established the $150 billion Coronavirus Relief Fund.
Treasury will make payments from the Fund to States and eligible units of local government; the District of Columbia and U.S. Territories (the Commonwealth of Puerto Rico, the United States Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands); and Tribal governments (collectively “governments”).
The CARES Act requires that the payments from the Coronavirus Relief Fund only be used to cover expenses that—
(1) are necessary expenditures incurred due to the public health emergency with respect to the Coronavirus Disease 2019 (COVID–19);
(2) were not accounted for in the budget most recently approved as of March 27, 2020 (the date of enactment of the CARES Act) for the State or government; and
(3) were incurred during the period that begins on March 1, 2020, and ends on December 30, 2020.
The CARES Act Preserves Jobs for American Industry
The CARES Act offers meaningful financial support to American businesses and job creators so they can better support employees and be prepared to get back to business as soon as possible.
EMPLOYEE RETENTION CREDIT
Employers of all sizes that face closure orders or suffer economic hardship due to COVID-19 are incentivized to keep employees on the payroll through a 50% credit on up to $10,000 of wages paid or incurred from March 13, 2020 through December 31, 2020.
Additional Tax Credits
PAYROLL TAX DEFERRAL
To enhance cash flow so that businesses can better maintain operations and payroll, employers and self-employed individuals can defer payment of the employer share of the Social Security tax they otherwise are responsible for paying to the federal government with respect to their employees. The deferred employment tax can be paid over the next two years—with half of the required amount to be paid by December 31, 2021 and the other half by December 31, 2022.
Treasury has published the resources to assist some eligible businesses in applying for payroll support to enable the continued payment of employee wages, salaries, and benefits, and for loans pursuant to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
A list of Payroll Support Program participants, with amounts of assistance provided and, where applicable, financial instruments provided to the Federal Government as appropriate compensation for the provision of financial assistance, is available online.