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On March 27, 2020, President Trump signed into law the CARES Act in response to the widespread negative economic impact resulting from the current COVID-19 crisis. There are many facets in bill ranging from small business activities to individual income tax planning.
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The Coronavirus Aid, Relief, and Economic Security (CARES) Act has allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. The Payroll Protection Program is designed to provide forgivable loans to business concerns of less than 500 employees, including the self-employed.
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The Treasury Department and the Internal Revenue Service (IRS) announced special Federal income tax return filing and payment relief in response to the ongoing Coronavirus Disease 2019 (COVID-19) emergency.