Please find attached at the bottom three important memos detailing and summarizing the recently passed (March 27) CARES ACT. The CARES ACT is a huge $2.2 trillion economic stimulus bill to offset the economic hardship that was caused by the government-mandated Coronavirus lockdown.
Virtually every citizen will benefit from this bill, but particularly small businesses will benefit. To avoid unemployment or prolonged layoffs, the legislation provides “Payroll Protection Loans” to small businesses, including self-employed individuals. Managed properly, these loans are forgivable and tax-free. My first memo focuses on these Payroll Protection Loans.
The second and third memos relate to benefits to individuals (such as rebates) and tax benefits for both individuals and businesses.
Please read them carefully and act quickly to take advantage of this new law.
I will be writing another memo for small business clients regarding the SBA Disaster Loan program, which is very generous.
God bless you during these trying times. May God protect us all and give us the wisdom to navigate these troubling events.
Michael Di Pietro, CPA
Form Three: CARES Act Miscellaneous Provisions