Tax Provisions in the CARES Act

The CARES Act, signed by President Trump March 28, 2020, legislates several amendments to the tax code in order to help businesses obtain higher levels of liquidity and give them cash. The relief is extended in hopes that employers who benefit from the emergency rules will be able to keep employees on the payroll during the COVID-19 pandemic. This article provides a top level summary of the various tax incentives targeted at businesses. Except where noted below, these provisions apply equally to companies regardless of how many employees they have.

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Surviving A Shut-Down of Your Youth Program

City, county, and state quarantine orders are impacting many youth-serving organizations, and federal guidance is for those to continue through April. Georgia currently has more child care centers closed than open, and summer programs are trying to figure out what plans to make for the next few months. Here are some ideas that might help your organization survive so that shutting down is temporary rather than permanent.

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Coronavirus Aid, Relief, and Economic Security (CARES) Act Paycheck Protection Program and Loan Forgiveness

On March 27, 2020, the bipartisan legislation, known as the Coronavirus Aid, Relief and Economic Security (CARES) Act, was signed into law and became the third aid package from Congress in the month of March to address the growing pandemic. Section 1102 of the CARES Act created a new loan product within the Small Business Administration’s 7(a) Loan Program known as the Paycheck Protection Program as discussed below. 

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Families First Coronavirus Response Act Posting Requirements

The Families First Coronavirus Response Act (“FFCRA”) requires covered employers to post a notice regarding the law’s requirements.

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Updated March 30, 2020 - CARES Act EIDL Loans and Emergency Grants

CARES Act EIDL Loans and Emergency Grants

Under the approved CARES Act, many small businesses are now able to obtain Section 7(a) SBA loans under the Paycheck Protection Program (which also allows for loan forgiveness). The regulations for the new Paycheck Protection Program Act may take time to implement and borrowers who have an extremely limited headcount may not be qualified. If you do not have time to wait for the Paycheck Protection Program Act to be implemented and have fewer salaried employees, you may want to consider filing for an Economic Injury Disaster Loan (EIDL). 

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Updated March 30, 2020 - CARES Act: Paycheck Protection Program (SBA 7(a) Covered Loans) and Loan Forgiveness

The CARES Act signed by the President, creates a new loan product within the Small Business Administration’s 7(a) Loan Program called "Paycheck Protection Loans". The expressed intention of the program is to assist and incentivize businesses to keep their doors open and keep as many employees employed during the crisis, by providing them low-interests, partially forgivable loans, to cover expenses like rent, payroll, employee health insurance benefits, and the paid leave impose on them under the Families First Act. Below is a summary of the program.

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Shutdowns and Child Care Centers

In the last 24 hours, we have seen three shutdown orders, only two of which affect Georgia child care centers. Under Mayor Bottom’s order, Atlanta residents are confined to their homes, but the order specifically exempts child care centers as essential businesses.  The mayor of Savannah’s order exempts child care centers providing services to employees of other exempt businesses and has several restrictions.  

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Covid-19 and Employee Privacy

The Covid -19 pandemic has brought into focus issues relating to workplace health and safety and their interplay with employee privacy. An employer is required to maintain a safe workplace pursuant to the Occupational Safety and Health Act (“OSH Act”).

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How the Families First Coronavirus Response Act Could Impact Employers

On March 13, 2020, House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin, acting on behalf of the White House, reached a deal for a coronavirus economic relief deal, and the House passed it that evening. H.R. 6201, named the "Families First Coronavirus Response Act" could affect employers with less than 500 employees in a number of ways, including requiring paid FMLA and sick leave. (Employers with 500 or more employees will not be affected.)

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