On March 27, 2020, President Trump signed history’s most expensive stimulus package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The Act looks to make a significant impact on the economy by providing loan forgiveness, supporting small businesses, enhancing unemployment insurance and providing federal loans to industries severely impacted by the pandemic.
In addition, it provides tax relief and tax incentives for individuals and businesses alike. The majority of the tax relief is designed to increase liquidity in the economy, largely through the relaxation of limitations on business deductions and the deferral of taxes, but also with the introduction of recovery rebates for individuals.
Please note that our professionals at Hawkins Ash CPAs are in the process of researching these topics in order to best guide our clients in the right steps to take for their businesses. We will provide this information as quickly and as thoroughly as we can.
For now, please review this overview of the CARES Act and review the current resources available on our website.
This special report highlights:
- Individual Tax Relief
- Business Tax Relief
- Additional Provisions
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