Obermayer (Pennsylvania): Trump Signs COVID-19 CARES Act

Today, President Trump signed into law the most far reaching bi-partisan financial assistance package in American history. The law includes provisions that will provide much needed relief to small businesses, as defined by CARES, and could have a huge impact on your ability to retain employees until the COVID-19 crisis is under control. This Alert describes four important aspects of C.A.R.E.S.: (1) FORGIVABLE LOANS TO SMALL BUSINESSES; ( 2) PAID SICK LEAVE; (3) EMPLOYEE RETENTION TAX CREDIT; and (4) LIABILITY PROTECTION FOR HEALTH CARE WORKERS.   C.A.R.E.S. also provides a myriad of other benefits to businesses and individuals, such as the deferral of payroll tax and the rights of individuals to withdraw funds from 401(k) retirement plans for “coronavirus related” reasons. We are continually reviewing the law and its application to our clients, and are available to discuss its many applications to you or your company. MORE.
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