CARES Act Part II: The Paycheck Protection Program Explained

A significant benefit included in the CARES Act for small business owners is the Paycheck Protection Program (PPP), a partially forgivable loan program offered through the Small Business Administration (SBA). The Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on the payroll by providing loans of up […]

CARES Act Part III: Employee Retention Credit Provision for Employers

As an incentive for businesses who have been hit hard by the economic effects of the COVID-19 crisis to halt further layoffs, Section 2301 of the CARES Act has introduced the Employee Retention Credit for Employers Subject to Closure Due to COVID-19. Note that businesses receiving a covered loan under section 7(a)(36) of the Small […]

CARES Act Part IV: COVID-19-Related Distributions & Loans

The CARES Act creates distribution and loan opportunities of up to $100,000 from IRAs, employer sponsored retirement plans, or a combination of both for those impacted by COVID-19. Distributions It appears the intent was to make this provision broadly available. To qualify for a Coronavirus-related distribution you must have been impacted in one of the […]

CARES Act Part V: Tax Consequences & Your Minimum Required Distributions

Are you currently taking Required Minimum Distributions (RMDs) from your retirement savings accounts? If so, I encourage you to review the changes that have occurred due to the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act. The impact of the CARES Act on your RMD rules for 2020 depends on a few key […]

CARES Act Part VI: What Federal Student Loan Borrowers Should Know

The new Coronavirus Aid, Relief, and Economic Security (CARES) Act has been passed, creating a $2 trillion emergency stimulus package. By now, most people have heard that a good portion of taxpayers will be receiving checks from the government and that the deadline to file your taxes has been extended to July 15, 2020. In […]

CARES Act Part VII: Implications for Health Care Patients & Providers

The Coronavirus Aid, Relief and Economic Security (CARES) Act will hopefully provide quick relief to the U.S. economy, but how does it affect healthcare, specifically? What are the implications for healthcare providers and recipients during the COVID-19 pandemic?  The recently passed act has added support for providers and patients, even if most provisions are temporary. […]