Forgivable Loans Among New Benefits in New Federal Stimulus Bill
The federal government is set to issue the largest stimulus package in history to help businesses, workers, families and communities during the coronavirus crisis, including historic relief for small businesses. Called the CARES Act, it includes a provision called the Paycheck Protection Program, which is $350 billion to help small businesses impacted by the coronavirus pandemic make payroll and cover expenses. To learn more about the Paycheck Protection Program, click here.
The bill has now passed the US House of Representatives and signed into law by President Trump. The federal definition of small business includes companies with 500 employees or less, so this bill can help the vast majority of Economic Alliance member businesses.
Guidance on Business Tax Credits and Employee Leave
The Internal Revenue Service, along with the Department of Labor issued guidance for businesses on Congress’ Phase II Coronavirus legislation which addresses leave for workers and tax credits for small and midsize businesses affected by the coronavirus. Click here for a Q&A from the Department of Labor.