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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.

Read Part I from the Daily Journalhereor from the Daily Transcript here(subscription required).

Read Part II from the Daily Journalhereor from the Daily Transcript here(subscription required).