Understanding the CARES Act.

As we move through these historical and unprecedented times, we wish you the best to stay safe and healthy.  The communities and businesses throughout the Gulf Coast region are no strangers to navigating challenges with poise and resiliency, and while this challenge is different, our collective resolve and response to overcome are unwavering.  As CPAs and business advisors, we appreciate the unique economic challenges and uncertainties brought on by this crisis, and we are responding with resources and thought leadership through our COVID 19 Resource Center.  This Resource Center is a hub for information on business cash flow and tax topics, employer and employment alerts, information technology tactics, and much more.

As part of the Federal economic response to the COVID-19 crisis, the U.S. Senate and House of Representatives have passed historic legislation in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”).  The CARES Act provides relief for individuals, businesses, governments, the health care system, and distressed industries.  As of this writing, the CARES Act is awaiting approval of President Trump before it will become law, but P&N has already deployed teams to understand key provisions of the CARES Act to advise our clients and communities accordingly. 

Specifically, we have formed dedicated internal teams and resources to focus on the following areas:

  • Small business cash flow needs, including integration of the various Small Business Administration loan programs in the CARES Act with federal and state tax deferral programs; 
  • Employer and employment needs, including integration with the Families First Coronavirus Response Act;
  • Individual needs, including individual rebates and retirement plan relief; and
  • Specialized industries, including healthcare, education, governmental agencies, FEMA, and distressed industries.

This legislation is vast, complex, and evolving through enactment, but we are working constantly to be a resource for our clients and communities in this time of need to provide clear and concise guidance.  Please reach out to a P&N representative for more information and stay tuned or visit: https://www.pncpa.com/resources/coronavirus/

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