Coronavirus Aid, Relief and Economic Security Act (CARES Act)
On March 25, 2020, the United States Senate unanimously approved the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The House of Representatives is expected to vote on the CARES Act on Friday, March 27. Although the CARES Act has not yet been enacted into law, this Calfee First Alert presumes that the Act, in the form approved by the Senate, also will be approved by the House of Representatives and that it will be signed into law by President Trump.
CARES Act: Commercial Finance Issues (written by Calfee's Commercial and Public Finance practice)
The following is a summary of certain provisions of the Paycheck Protection Program, Loan Forgiveness, Emergency EIDL Grants, and Subsidy for Certain Loan Payments sections contained in Title I (Keeping American Workers Paid and Employed Act) of the Senate’s emergency economic relief package known as the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act is expected to be passed by the House on Friday, March 27, 2020.... READ MORE
CARES Act: Impact on Unemployment Compensation (written by Calfee's Labor and Employment practice)
Title II of the CARES Act is captioned Assistance for American Workers, Families, and Businesses, and its Subtitle A expands the nation’s Unemployment Insurance system in three significant ways for those who are out of work due to COVID-19.... READ MORE
CARES Act: Employee Benefits Issues (written by Calfee's Employee Benefits and Executive Compensation practice)
The below information contains a summary of the CARES Act: Retirement Plan Provisions and Health Plan Provisions.... READ MORE
CARES Act Tax Changes Look to Provide Cash to Businesses (written by Calfee's Tax Law practice)
The Senate’s version of the CARES Act has employment tax and income tax provisions designed primarily to allow businesses the opportunity to retain cash or receive cash in the form of tax refunds in the near term. Included below is a brief summary of the proposed material tax law changes affecting businesses. A more detailed summary of the Senate bill will be forthcoming, and we will cover any revisions to the legislation as it moves through the House of Representatives.... READ MORE
CARES Act: Health Care Issues (written by Calfee's Health Care Regulation practice)
Increased funding for COVID-19. The legislation includes $100 billion in funding to healthcare providers for unreimbursed COVID-19 expenditures. In addition, Medicare payments to hospitals treating COVID-19 patients will be increased by 20%, and the Medicare sequester, which reduces payments to Medicare providers by 2%, will be lifted from May 1 through December 31, 2020.... READ MORE
CARES Act: Aviation Stimulus (written by Calfee's Aviation Law practice)
The economic stimulus bill passed by the Senate on March 25, 2020, addresses needed relief for both commercial air carriers and general aviation segments of the aviation industry.
Calfee invites you to visit our COVID-19 Resource Center containing First Alerts to help guide you through the challenges faced by individuals and organizations as a result of the novel coronavirus outbreak. We are committed to helping you meet the diverse and complex challenges and navigate the disruptions caused by this pandemic. Please check the COVID-19 Resource Center regularly for the latest updates, or subscribe to receive the most up-to-date Alerts sent directly to your email inbox.
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