U.S. Government Provides Relief to Individuals, Businesses in Midst of COVID-19 Crisis

On March 27, President Donald Trump signed into law a historic $2 trillion stimulus package designed to provide economic relief to individuals and businesses affected by the coronavirus pandemic.

Our aim in this alert is to give a brief overview of both the tax and non-tax provisions of the government’s new stimulus legislation, including what type of assistance is available for individuals and businesses, how to apply for it, and what to do if you become unemployed. The summary is divided into two sections, one for individuals and one for businesses.

Individual Provisions

Stimulus Payments: Amounts and Eligibility

Proof of Income

Applying for the Payment and Receipt

Other Considerations

Unemployment Benefits: Who is Covered?

Amount of the Benefit

How Long Will It Last?

Other Considerations

Student Loans

Retirement Account Rule Changes

Charitable Contributions

Miscellaneous Provisions: Renter’s Relief

Business Provisions

Charitable Deductions

Qualified Property Improvements

Small Business Administration (SBA) Loans

Employee Retention Credit

Payroll Tax Deferral

Net Operating Loss (NOL) Changes

Business Interest Expense Deductions


Leave a Reply

Your email address will not be published. Required fields are marked *