March 31st Webinar – The CARES Act and the Benefits for Small Businesses
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) is a $2.2 trillion relief bill that was signed by the President of the United States on March 27, 2020. The CARES Act provides federal government support of the Coronavirus public health crisis. Federal support includes expanded unemployment insurance, a paycheck protection program, rebate recovery for individual taxpayers, and many other benefits to small businesses and individuals.
David Blain, Partner and Director of Entrepreneurial Services and Mark Heath, Partner and Director of Tax Services with McKonly & Asbury, hosted this webinar that discussed the key income tax benefits and economic stimulus included in the CARES Act to help support small businesses and individuals during this global pandemic.
During this webinar, attendees were provided with:
- An overview of the CARES Act.
- Discussion of key provisions of the CARES Act including:
- Paycheck Protection Program
- Recovery Rebate for individual taxpayers
- Charitable contribution deduction limits
- Retirement account distributions and loans
- Student loan relief
- Business tax deferrals and credits
- Recommendations for utilizing the benefits of the CARES Act.
You can download a copy of the slides presented by clicking here. Check back for a FAQ that we are developing to answer questions submitted by attendees during the webinar. Also, be sure to check out these two articles posted in the days following the webinar to offer clarification on the Paycheck Protection Program:
April 1, 2020: Paycheck Protection Program – Application Process and Clarifying Questions
April 3, 2020: Paycheck Protection Program – Interim Final Rules Issued by the U.S. Small Business Administration