CARES Act & Legislative
We are here for you! Check in each day for the latest legislative changes and business advice for weathering the coronavirus pandemic.
Coronavirus Aid, Relief, and Economic Security (C.A.R.E.S.) Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed by Congress in March, contains the largest stimulus in U.S. history with $2 trillion allocated among individuals and families, small businesses, large corporations, state and local governments and other recipients. Relief granted in its provisions includes:
- Cash deposits for each individual making under $99,000/year ($199,000 for married couples), phased out beginning at $75,000/year ($150,000 for married couples).
- $250 billion in extended unemployment benefits, including increased payments, longer terms and benefits for the self-employed and gig workers.
- Early withdrawal penalty waiver for retirement plans, as well as increased loan limits. Required Minimum Distributions are also waived.
- Paycheck Protection Program and Emergency Government Disaster Loans for small businesses.
- The Employee Retention Credit and employer payroll tax deferral.
To learn how this Act may impact your personal business or individual situation, reach out to your M&S advisor today.
The latest legislative changes
Understanding the CARES Act for Individuals Read More >
Understanding the CARES Act for Small Businesses Read More >
Paycheck Protection Program 101 For Small Businesses Read More >
Federal tax filing and payment date moved to July 15, 2020 Read More >
Congress passes the Families First Coronavirus Response Act (FFCRA) Read More >
Reach out to your M&S contact today!
We are all in this together! Please reach out as soon as possible so we can begin helping you prepare the financial documents, forecasts, and cash flow model you need to secure funding and make sound business decisions over the coming days and weeks.