Emerging Tax and Regulations Changes
Due to the continuing spread of the Coronavirus (COVID-19) pandemic, there has been bipartisan action taken to stimulate the economy, and assist businesses and individuals. A short list of the responses to this crisis are as follows:
-Families First Coronavirus Response Act, which includes
-Emergency Paid Sick Leave Act
-Emergency Family and Medical Leave Expansion Act
-Paid Family Leave and Paid Sick Leave Credits
-Increased availability of SBA Loans (up to $2M available, at an interest rate not to exceed 4%, with a requirement for a personal guarantee)
-Coronavirus Aid, Relief, and Economic Security Act (CARES Act) - which includes funding/assistance for various governments (state, local, tribal, etc.), businesses, individuals, and other employers. The CARES Act has been passed by the Senate, and is expected to be passed by the House today (how that will be passed is still being determined, as many members of Congress are in their home districts), and the President has indicated that he will sign the legislation. We will update you about the act as we learn more.
Please check back here periodically, and call us if you have any questions. You can reach us at 818-347-9167 or 818-746-5715.