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.

For more information on the how the CARES Act impacts small businesses, click here. For additional information about how the CARES Act may impact you as an individual, click here.

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.

Jeff Mowery
847-281-3502
jmowery@msllc.com
Keith Schoenfeld
847-281-3504
kschoenfeld@msllc.com
Tom Keenan
847-281-3506
tkeenan@msllc.com
Michael Kidd
847-281-3518
mkidd@msllc.com
Mike Deering
847-281-3299
mdeering@msllc.com
Jon Sniegowski
847-281-3294
jsniegowski@msllc.com
Emo Dellanina
847-281-3591
edellanina@msllc.com
Anthony Cullotta
847-281-3510
acullotta@msllc.com
Gary Hart
847-281-3520
ghart@msllc.com