Client Alert: March 2020
On March 27, in response to the crisis caused by the COVID-19 pandemic, President Trump signed the largest economic stimulus package in American history called Coronavirus Aid, Relief, and Economic Security Act, or “CARES” Act. The CARES Act authorizes a total of $500 billion for direct loans and guarantees. A pool of $367 billion is available to assist small businesses. Relief measures also include, among others, deferral of the employer portion of payroll taxes and refundable payroll tax credit.