In the latest installment of its weekly webinar series, Coronavirus and Its Impact on People, Process and Profits, professional services firm RKL LLP examined the coronavirus stimulus package. At the time of the webinar recording on Friday, March 27 at 11 AM EST, the Senate had approved the Coronavirus Aid, Relief and Economic Security (CARES) Act and House passage was expected. That afternoon, the House passed the bill and it is currently headed to the president’s desk for signature.
Tax Partner Eric Wenger provided an overview of the CARES Act and its key provisions for employers and families, including:
- Recovery Rebate, also known as individual stimulus payments
- Small business loans, also known as paycheck protection loans
- Employer Retention Tax Credit
- Other tax changes (net operating loss rules, interest deductibility limitation, net business loss limitations and more)
Wenger also discussed cash flow considerations in the new federal tax landscape, as well as cash and crisis management strategies for businesses.
Tax Manager Robin Alexander walked employers through implementation of the Families First Coronavirus Response Act from a tax perspective, while HR Consultant Stephane Smith addressed common questions about this act that she’s received from employers as it relates to requirements, unemployment compensation and more.
Watch the webinar recording here and explore additional guidance and FAQs in RKL’s Coronavirus Employer Resource Center.
