Moments ago, President Trump signed the Coronavirus Response and Affordable Care Act (CARES) that passed the U.S. Senate and Congress. This record $2 trillion package is designed to support workers and assist impacted businesses.
Our partners at the National Association of Manufacturers were intimately involved in crafting the package to ensure that manufacturing voices were heard and provided this
summary
. The IMA is working on a more detailed analysis and will be updating our Q & A page
on our website
.
Key provisions of the CARE Act include:
- $500 billion in loans and loan guarantees for eligible businesses
- $350 billion for small business loans administered by the Small Business Administration
- Creates a retroactive Net Operating Loss Carryback
- Increases allowable interest deductions
- Establishes a payroll tax deferral for 2020
- Creates a temporary refundable payroll tax credit for employee retention
- Accelerates alternative minimum tax credits
- Caps maximum payments that employers will be required to pay for Families First Emergency paid leave requirements
- Funds new unemployment insurance programs for unemployed or underemployed workers
- Provides individual rebate checks to individuals subject to income limits
More information will follow soon.
Be safe.
