The IRS expects to create a portal later this month or in early May to let people update their direct deposit information and check on the status of their payment. This will allow taxpayers to receive payments immediately as opposed to checks in the mail.
The SBA and Treasury Department continue to tweak and clarify information in the initial documentation that was released regarding the Paycheck Protection Program.
The CARES Act relaxes NOL and excess business loss rules, increases business interest deduction limit and corrects asset life of Qualified Improvement Property.
The CARES Act includes provisions for $300 charitable contribution deduction & student loan repayments made on behalf of employee by employer up to $5,250.
The CARES Act provides Coronavirus-related exception to early withdrawal penalty and halts required minimum distribution requirement for 2020.
Eligible individuals will receive rebate payments ($1,200 to individuals and $2,400 to married filing jointly) via direct deposit or check if they filed a tax return or received social security payments in 2018 or 2019.
The CARES Act introduces the SBA Paycheck Protection Program and includes individual rebates, small business loans, increased unemployment benefits and tax breaks.
The CARES Act includes various forms of relief for employees and employers. Here are some of the HR and payroll-related highlights:
The Families First Coronavirus Response Act includes provisions for emergency paid sick leave and expanded FMLA eligibility and benefits.
