Late Wednesday night, the Senate passed (96-0) the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, the third Coronavirus-related piece of legislation. Early Wednesday, the Senate announced that an agreement had been reached among Senate Republicans, Senate Democrats, and the Trump Administration on the package, but late concerns from a quartet of Republican senators stalled the package momentarily before a deal was reach Wednesday evening. The bill includes a number of tax-related provisions including a significant deferral of payroll tax deposits and a credit against employer social security tax for certain employers affected by the COVID-19 outbreak. This Client Alert provides a summary of all of the tax-related provisions in the legislation.
The House is expected to consider the bill on Friday.