Our Corporate & Tax Group has provided excellent insight on the CARES Act. Below is a snippet from their recent post on the McNees Auto Dealer Blog that deals with tax related relief under the CARES Act. All business owners, COOs, etc. would be well served to familiarize themselves with this information:
With guidance from the Small Business Administration (“SBA”) and the Internal Revenue Service (“IRS”) still forthcoming, and the existing guidance changing, many business are struggling to understand their options under the Coronavirus Aid, Relief and Economic Security Act (“Act”). We previously published guidance on the Payroll Protection Program (“PPP”) and Disaster Relief Loans which can be found here. In addition to those loan offerings, the Act also created other relief options for businesses some of which can be used in conjunction with the PPP loans.
More information and the remainder of the post are available on the McNees Auto Dealer Blog.