On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the ‘‘CARES Act”). The legislation is in response to the Coronavirus (COVID-19) pandemic. The CARES Act is a massive stimulus bill which includes significant individual and business tax relief as well as small business lending programs and expanded unemployment benefits. The projected cost of the bill is over $2 trillion, of which about $500 billion is allocated to temporary relief from certain tax provisions. The individual and business tax changes will provide for immediate cash flow relief. In this summary, we will review selected individual and business tax provisions and review the small business lending provisions.
Please click here to read the summary. If you have questions, please reach out to an advisor at Colony Family Offices directly or call our main line at 704-285-7300.