On March 27, the House approved by voice vote the $2.2 trillion bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act, sending the measure to the President’s desk for his signature. A quorum of members was present, but a roll call vote was not required.
The CARES Act, the third congressional bill to address the crisis, provides for loans and other benefits to businesses small and large, expanded unemployment insurance, direct payments to those with wages middle-income and below, and new appropriations funding for health care and other priorities. Tax changes include deferrals of employer payroll tax liabilities coupled with an employee retention tax credit and rollbacks of the IRC Section 163(j) business interest limitation and TCJA limitations on net operating losses.
Below is a link to an article that summarizes The CARES Act. Please contact us if you need assistance in navigating the details of the legislation and its effect on you and your business.