CARES Act – Business Provisions

Accounting & Auditing,Tax

Businesses will benefit in several ways from the CARES Act, which was signed into law by President Trump on March 27. Provisions to help businesses survive during the coronavirus (COVID-19) pandemic include a new employee retention tax credit; deferral of the employer portion of payments of certain payroll taxes; a modification of the net operating loss rules by providing a five-year carryback and temporarily removing the 80% limitation for carryforwards and changes to the business interest deduction. The new law also includes an expansion of the ways the Small Business Administration can help small businesses. Contact us for details.

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