Late on March 30, 2020, IRS issued a notice providing information on the CARES Act individual rebate payments, called "economic impact payments" by IRS. Although the notice does not provide much information, it does state that those who did not file a return in 2018 or 2019 must file a "simple tax return" to receive an economic impact payment. The notice states that further instructions will issue soon. The notice also provides that IRS will create a web portal where those for whom IRS has no direct deposit information can provide that account information. Read the notice here.
The Paycheck Protection Program, implemented by section 1102 of the CARES Act, expands the Small Business Administration 7(a) loan program to provide up to $349 billion in federally-guaranteed loans to small employers and eligible self-employed individuals impacted by COVID-19. These loans are designed to be partially forgivable under section 1106. While a number of details must be filled in with applicable regulations, our post provides an overview of the new provision as set forth in the statute.