COVID-19 UPDATE 24
PRESIDENT TRUMP SIGNS FOURTH CORONAVIRUS ECONOMIC STIMULUS BILL, CONTINUES FUNDING RELIEF AID TO SMALL BUSINESSES
President Trump on Friday enacted legislation that provides $500 billion to continue funding loans for small businesses devastated by the economic shutdown. This action is in response to the overwhelming demand for this financial assistance that ran out of funds within days.
In that additional funds have been made available to those businesses that qualify under the original Act, UTCA’s accounting firm, the Curchin Group, has provided some additional analysis regarding the previously enacted COVID-19 relief laws. As we reported to you, the Coronavirus Aid, Relief and Economic Security Act, signed into law on March 27, 2020 contained a wide variety of tax provisions to assist businesses during this economic uncertainty. The Payroll Protection Program and the individual stimulus checks benefits have been widely publicized. But there is more to the CARES Act then just those two provisions.
CLICK HERE
for a summary of tax items that will provide additional relief to our UTCA member firms.
These provisions may not have received the broad attention of other major sections of the law but, will still provide tax relief. Some of these incentives can provide payroll tax credits, accelerate depreciation or expand tax deductions by reducing limits previously placed into law. The Curchin Group has highlighted these business provisions and encourages members to evaluate applicability under their own business conditions.
______________________________________
If anyone has questions concerning this notice, please contact us at the UTCA office 732-292-4300.
