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Direct Express Card. Non-Benefit Federal Payments. Foreign Account Tax Compliance Act. Also, individuals were able to collect unemployment benefits for an additional 24 weeks versus the original 13 weeks under the CARES Act. Again, as of Sept. It directed the Treasury to send these payments as soon as possible. Those looking for addition help with their taxes should consider working with one of the best tax relief companies.
Account-holders would be able to repay the distributions over the next three years and be allowed to make extra contributions for this purpose. These measures applied to anyone directly affected by the disease itself or who faced economic hardship as a result of the pandemic.
IRS guidance also expanded the list of eligible participants who were able to make these withdrawals to include anyone who had a job offer rescinded or delayed as well as the spouses of those individuals, even if they were still working. For businesses, it created a new Employee Retention Credit ERC against employment taxes, which was intended to encourage them to retain and pay their employees during any quarter when business operation was partially or fully suspended due to the coronavirus.
This credit did not apply to businesses that received Small Business Interruption loans. Employer payroll taxes were deferred for Business operating losses for can be carried back for up to five years. Excise taxes on alcohol used to produce hand sanitizer were suspended for The stimulus plan addressed both direct healthcare needs during the emergency and financing for treatment and prevention.
It also directed the federal government and industry to cooperate to maintain stockpiles and supply chains for critical medical supplies, such as protective equipment and medications to treat the coronavirus.
The stimulus plan relaxed numerous laws, Medicare payment rules , and drug approval requirements to allow more flexibility to respond to the emergency, and it introduced a few new rules.
It required health insurers to cover tests for the virus as well as treatments and vaccines that were in development. It protected healthcare providers from liability when they volunteered to fight the pandemic across state lines and increased funding for healthcare workforce training, education, and modernization programs. The vast majority of the funding was administered through Federal Reserve emergency lending facilities that the Fed had rolled out. Financial institutions, public entities, and businesses of all kinds were eligible.
However, any loans made by the Treasury under this plan came with conditions. All loans issued by the Treasury were to include equity or senior debt from the borrowers. Unlike the Small Business Interruption loans, these Economic Stabilization loans were not forgivable. The plan also authorized the Treasury to reactivate the use of the Exchange Stabilization Fund to provide emergency liquidity to money market mutual funds and relaxed certain capital requirements for banks and credit unions.
Any companies owned or controlled by the president, vice president, or members of Congress were ineligible for these loans. Airlines receiving loans were required to maintain service to existing destinations and routes. Air travel excise and fuel taxes were suspended for all of Loans to midsize businesses —1, employees included conditions that they were not to outsource or offshore jobs or break union contracts and were required to remain neutral toward union organizing.
The CARES Act was the first piece of coronavirus legislation to instate the forbearance and moratorium on foreclosures and evictions. The expiration date for these protections was extended numerous times, however, on August 26, , the Supreme Court rejected the latest extension requested by the CDC.
For those seeking assistance on their mortgage or rent payments, the National Low Income Housing Coalition provides a searchable list of such programs available on its website. Payments to states and local governments were divided proportionally according to population.
These were large, open-ended block grants that were directed toward costs associated with controlling the pandemic and mitigating its economic damage. As can be expected with this type of extreme federal spending, numerous industries, agencies, and special interest groups were lining up to receive a piece of the funding pie.
The CARES Act also included legal changes designed to benefit specific industries or businesses in key congressional districts that did not immediately seem connected to the COVID crisis at the time.
These included:. The table below compares base funding in several key areas for each law. Department of the Treasury. Small Business Administration. Accessed Sept. Federal Register. Department of Labor. New York State. Internal Revenue Service.
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