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• The CARES Act allocated $350 billion to help small businesses keep workers employed through 100 percent federally guaranteed loans. You may qualify to participate in some of these programs. Attached is a reference guide from the U.S. Chamber of Commerce that walks through these loans, including eligibility requirements, how much may be borrowed and how these loans may be forgiven if borrowers maintain payrolls during the crisis or restore them afterward. For more information or to complete an application, visit https://www.sba.gov/coronavirus . Questions? Contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov

• The CARES Act includes several significant business federal tax provisions intended to improve cash flow and liquidity, such as modifications for net operating losses, employee retention credits, delay in deposit of payroll taxes and more. There were also changes to assist personal taxpayers. Attached is a reference guide from Deloitte that explains these modifications in more detail, including extension of the deadline to file and pay federal taxes until July 15, 2020. For more information, please visit https://www.irs.gov/coronavirus. 

• The CARES Act also provides numerous benefits to individuals, including an expansion of unemployment benefits, penalty-free early access to retirement plan funds and increased limits on loans from retirement plans. Details on the changes to retirement funds access can be found in the attached guide from Deliotte.

•  Additionally, the CARES Act includes tax free payments-treated as a refundable tax credit-to individuals:
• Couples earning up to $150,000 will receive $2,400, plus an additional $500 for each child
•   Individuals earning up to $75,000 will receive $1,200, plus an additional $500 for each child.
• These payments will phase out for those earning over $75,000, $112,500 for head of household filers, and $150,000 for married couples filing joint tax returns.