April 1, 2020

2020 – 03/30

Businesses will benefit in several ways from the CARES Act, which was signed into law by President Trump on March 27. Provisions to help businesses survive during the coronavirus (COVID-19) pandemic include a new employee retention tax credit; deferral of the employer portion of payments of certain payroll taxes; a modification of the net operating loss rules by providing a five-year carryback and temporarily removing the 80% limitation for carryforwards and changes to the business interest deduction. The new law also includes an expansion of the ways the Small Business Administration can help small businesses.