COVID-19 CARES Act and Tax Update
On Friday March 27, 2020, President Donald Trump signed the largest economic relief package in U.S. history. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, responds to the coronavirus pandemic, by providing about $2 trillion to individuals, businesses and state and local governments. These provisions range from individual rebates, to small business loans and wide variety of other tax breaks designed to lessen the impact that the COVID-19 pandemic will have on the economy. In addition, there are several other administrative and legislative actions which are directed towards COVID-19 relief such as the Families First Coronavirus Response Act, IRS Notices and California orders.
We have summarized some of the more pertinent provisions that we expect to impact our clients below. Please reach out to your GPW tax professional if you have questions regarding how these provisions could best benefit you. Or email your questions to CARES@gpwcpas.com and we’ll get back to you as soon as possible.
Here are the pages within this section. Use the links at the right to access them.
- Tax Return Filing and Payment Due Dates
- Provisions Affecting Individuals
- Provisions Affecting Businesses
- State Provision Conformity and Other State Updates
- COVID-19 Tax Planning Ideas
- Paycheck Protection Program (PPP) – Loan Calculator
- Loan Program Comparison Chart
- Resources: State and Local Assistance
- Resources: Loan Assistance
- Resources: Federal News and Resources