The passing of the unprecedented CARES Act is a testament to the immense threat small businesses are facing amid the COVID-19 pandemic. The $2.2-trillion emergency aid relief package is the largest in U.S. history, intended to help those requiring financial assistance with certain operational costs. Some businesses will be eligible for 100% federally backed forgivable loans that require no collateral or personal guaranties. And among the new loan requirements is an incentive for small businesses to retain their employees – an effort in response to the crippling unemployment rate that has emerged from the health crisis.
In a special two-part series about the historic CARES Act, renowned tax expert and CGS3 partner Phil Jelsma gives insight into what small businesses need to know about the $2.2-trillion emergency loan package. The first part focuses primarily on the tax provisions, while the second deals dives into the new Paycheck Protection Program.