Tax Relief to Combat COVID-19
The following information has been provided by Frost Brown Todd. It is a comprehensive guide to the various programs available to local businesses. Please see below. The full article is available on their website at:
Tax Relief to Combat COVID-19: Don’t exclude your business from relief by choosing the wrong program.
The Families First Coronavirus Response Act (FFCRA) and Coronavirus Aid, Relief and Economic Security (CARES Act), parts of a sweeping relief package in response to the COVID-19 pandemic, became law on March 18 and March 27, respectively. These pieces of legislation are the largest stimulus package in U.S. history, providing trillions of dollars in relief to individuals and businesses struggling with the devastating economic effects of the COVID-19 pandemic. This recent legislation provides economic relief through new financial assistance programs and significant expansions of existing financial assistance programs. Several of these programs provide assistance in the form of tax relief, either providing a tax credit to offset expenses or providing tax free cancellation of indebtedness.
It is critical for businesses to understand the impact that participation in one or more of the new tax and economic relief programs will have on an employer’s eligibility to utilize the other new programs. This post provides a chart that highlights how participation in a program affects the ability to participate in other programs or renders a business ineligible for another program. Employers should review the available programs and choose those that are most beneficial to the needs of their business. The attorneys at Frost Brown Todd are available to help businesses navigate the available financial assistance programs during these difficult times.
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