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CARES Act Business, Employee & Individual Provisions

(ver. 06.06.20.1.1)*

*A few rules for PPP funds of the CARES Act have been modified by recent legislation.  Please review the PPP Flexibility Act for the updates.

Version: 06.06.20.1.1

Updated:   6/6/2020 12:11 PM

NEW in this version –

Updates to Section A (6) (a) (vi) Rent definition clarified

Updates to Section A (6) (a) (vii) Utilities definition clarified

Updates to Section A (10) Covered Period definition clarified

Added Section A (13) (f) (i) FTE (Full-time Employee) Calculations

Added Section K – Paycheck Protection Program Flexibility Act

Updated Section L - Sources /Additional Resources

Version: 04.28.20.1.6

Version: 04.28.20.1.5

Version: 04.28.20.1.4

Version: 04.28.20.1.3

Version: 04.27.20.1.2

Version: 04.25.20.1.1

Version: 04.24.20.1.3

Version: 04.24.20.1.1

Version: 04.23.20.1.3

Version: 04.18.20.1.2

Version: 04.18.20.1.1

Version: 04.11.20.2.4

Version: 04.11.20.2.3

Version: 04.11.20.2.2

NEW in this version –

Renumbering of Sections

Updates to Section 1 (a) Forgivable Loans: The SBA is authorized to guarantee up to $349 billion in 7(a) loans to Eligible Businesses

Significant Updates to Section 3 7(b) Economic Disaster Injury Loans – added additional information on loan requirements and terms and resource links to forms.

Updates to Section 4 Emergency $10,000 Grant

Updates to Section 15 Emergency Family and Medical Leave Expansion Act

Updates to Section 16 Emergency Paid Sick Leave

Updates to Section 19 Deferral of Payroll Taxes

Addition of Section 20 IRS Guidelines for Payroll Tax Credit

Updates to Section 26 Qualified Improvement Property

Updates to Section 21 Business Interest Deductions

Addition of Section 24 Excess Business Loss

Addition of Section 25 Full Recovery of AMT Credits

Addition of Section 27 Employer Student Loan Repayment Exclusion

Updates to Section 28 Waivers of Retirement Plans and Funds

Addition of Section 29 Required Minimum Distributions Waived for 2020

Addition of Section 31 Charitable Deductions

Version: 04.10.20.2.1

Version: 04.08.20.3.5

Version: 04.04.20.3.1

Version: 04.03.20.2.2

Version: 04.03.20.2.1

Version: 04.02.20.1.2

Version: 04.02.20.1.1

Version: 03.31.20.5.9

Version: 03.31.20.5.8