The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) has provided financial relief in many forms during the coronavirus pandemic. There have been many summaries about the CARES Act. Instead of summarizing every part of the CARES Act, we will outline some of the major provisions that are likely to impact our clients, former clients or potential clients. The provisions of the CARES Act do not always apply to each individual situation in the same way. If you would like to know more information about how the CARES Act could impact you personally, the attorneys Gehris & Associates, LLC are available to discuss these matters with you.
           The CARES Act allocates funds for use by small businesses to use to pay salaries, mortgage payments, rent, utilities and other debt obligations. This debt may be fully forgiven.   For divorcing clients where a small business interest is part of the marital estate, taking a small business loan may change the value of the business for the purposes of determining the proper division of this marital asset. Also, changes in the income stream, may be a factor in valuing the business. It is important to look closely at how COVID-19 and any required business loans may impact not only the value of the business but also any income for the purposes of determining support. 
           Recovery rebates for individuals, or what has commonly been referred to as stimulus checks, were part of the relief provided in the CARES Act. (Read more)