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Yesterday the President signed a $2 Trillion CARES Act 

Date: March 28, 2020

Yesterday the President signed a $2 Trillion CARES Act 

This Act is aimed at providing relief to businesses and individuals affected by the coronavirus pandemic. H.R. 748, named the Coronavirus Aid, Relief, and Economic Security (CARES) Act, will modify elements of the Tax Reform Act of 1986 to help businesses mitigate their coronavirus-related losses.

With a total value of $2 trillion, this act authorizes federal funding for states, companies, individuals, and other entities adversely affected by the coronavirus pandemic and expands the eligibility criteria for the relief programs. There are provisions of the Act that could provide disaster relief for industry companies, including deferred tax payments, loans with forgiveness options, and direct payments to businesses and individuals.

There is a provision for small business owners in the economic aid package that is roughly $350 billion in new loans, at least a portion of which will be forgiven so long as the business continues to employ and pay its workers.
Business owners need to apply for the loans at a lender approved by the Small Business Administration or any FDIC insured bank.  The forgiven amount would be equal to 8 weeks’ worth of payroll obligations (e.g., wages and
benefits), plus rent or mortgage bills and utilities. And the forgiven debt would not be treated as taxable income to the owner.
As details become available MAMF will keep you apprised.