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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
Updated: 5/13/2020 9:45 AM
NEW in this version –
Updates to Section I (2) (b) Qualified eligible retirement plan for waiver on retirement plan funds
Version: 04.28.20.1.5
Updated: 5/12/2020 1:50 PM
NEW in this version –
Updates to Section A (23-25) Guidance for Sole Proprietors and Independent Contracts with the PPP
Updates to Section J (3) Pandemic Unemployment Assistance (PUA)
Version: 04.28.20.1.4
Updated: 4/30/2020 10:23 PM
NEW in this version –
Updates to Section I(2) Waivers on Retirement Plan Distributions
Version: 04.28.20.1.3
Updated: 4/28/2020 9:24 PM
NEW in this version –
Updated and made corrections in Section G (1) Employee Retention Credit.
Updates to Section I(2) Waivers on Retirement Plan Distributions
Added Section I(3) Retirement Account Loans
Updates to Section I(4) Required Minimum Distributions Waived
Added Section I(6) Federal Student Loan Payment Deferment
Version: 04.27.20.1.2
Updated: 4/27/2020 2:15 PM
NEW in this version –
Updated and made corrections in Section G (1) Employee Retention Credit
Version: 04.25.20.1.1
Updated: 4/26/2020 4:32 AM
NEW in this version –
Reformatted
Version: 04.24.20.1.3
Updated: 4/25/2020 7:50 PM
NEW in this version –
Added link for Seasonal Employers for SBA guidance on PPP loan
Updates section for seasonal employers
Added link for the latest guidance from the SBA on the PPP
Added link for SBA FAQ on PPP date 04-24-2020
Clarification of Section 1(b) Expanded Uses of PPP loan proceeds
Updates to Section 1(d) Exclusion of payroll costs when calculating loan costs
Updates to Section 1(i) PPP loan forgiveness
Version: 04.24.20.1.1
Updated: 4/24/2020 12:48 PM
NEW in this version –
“Paycheck Protection Program and Health Care Enhancement Act” signed into Law.
Version: 04.23.20.1.3
Updated: 4/23/2020 9:16 PM
NEW in this version –
Added to Section 1 “Paycheck Protection Program and Health Care Enhancement Act”
Added Section 1(t) PPP loans that are not approved.
Updates to Section 3 EIDL
Major Updates to Section 1(s) Guidance for Sole proprietors and independent contractors filing for a PPP
Version: 04.18.20.1.2
Updated: 4/19/2020 10:37 PM
NEW in this version –
Added Section 1(s) Guidance for sole proprietors and independent contractors filing for a PPP
Version: 04.18.20.1.1
Updated: 4/18/2020 6:53 PM
NEW in this version –
Update to Section 1(a) SBA Loan funds availability
Update to Section 1(r) When can applications be made?
Update to Section 3 EIDL Funding availability
Update to Section 29 Required minimum distributions
Version: 04.11.20.2.4
Updated: 4/12/2020 10:14 AM
NEW in this version –
Changed Topic Name from Recovery Rebates to Taxpayer Relief Checks/Economic Impact Payments
Version: 04.11.20.2.3
Updated: 4/11/2020 6:52 PM
NEW in this version –
Updates to Section 30 Section 2301 Recovery Rebates for Individuals
Version: 04.11.20.2.2
Updated: 4/11/2020 4:49 PM
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
Updated: 4/10/2020 2:01 PM
NEW in this version –
Various minor changes
Version: 04.08.20.3.5
Updated: 4/8/2020 3:23 AM
NEW in this version –
Renumbered Section 1
Added Section 1 (d) New Guidance for Section 1102 (PPP loans) released 04-06-20
Updates to Section 7(b) Economic Injury Disaster Loans, loan terms
Updates to Section 7 Emergency $10,000 Grant
Added to Section 26 Resources Links
Version: 04.04.20.3.1
Updated: 4/4/2020 7:22 PM
NEW in this version –
Updates to Section 1 (c) Included Payroll Costs for Calculating the PPP Loan Amount
Updates to Section 19 Deferment of Payroll Tax – Section 2302 CARES Act
Version: 04.03.20.2.2
Updated: 4/3/2020 5:27 PM
NEW in this version –
Updates to Section 11 Employee Retention Credit – Section 2301 CARES Act
Updates to Section 19 Deferment of Payroll Tax – Section 2302 CARES Act
Version: 04.03.20.2.1
Updated: 4/3/2020 7:37 AM
NEW in this version –
Updates to Section 1 Link to PPP Final Rule
Updates to Section 1 (b) Expanded Allowable Uses for the PPP Loan Proceeds
Updates to Section 1 (m) Loans Terms for PPP – Updated Interest Rate
Updates to Section 1 (p) Apply for SBA PPP Loan – Link to the Fillable Online Application
Resource links added to Section 26
Version: 04.02.20.1.2
Updated: 4/2/2020 6:17 PM
NEW in this version –
Updates to Section 1 (b) Expanded Allowable Uses for the PPP Loan Proceeds
Updates to Section 1 (c) Included Payroll Costs for Calculating the PPP Loan Amount.
Updates to Section 1 (m) Loan Terms for Section 7(a) “PPP”
Updates to Section 18 Unemployment Insurance Provisions
Resource links added to Section 26
Version: 04.02.20.1.1
Updated: 4/2/2020 12:24 PM
NEW in this version —
Added Section 15 Emergency Family and Medical Leave Expansion Act
Update Section 2(c) PPP Lenders List
Renumbering of Sections
Resource links added to Section 26
Version: 03.31.20.5.9
Updated: 4/1/2020 3:19 PM
NEW in this version —
Renumbering of Section 1
Added Section 1(c) Included Payroll Costs for Calculating the PPP Loan Amount to clarify “Payroll Costs”
Retitling of Section 1(b) for clarification
Version: 03.31.20.5.8
Updated: 03/31/2020
NEW in this version —
Updates to Section 1(n) Application Process for Section 7 (a) PPP Loan
Updates to Section 1(p) When to Apply for the PPP Loan
Updates to Section 9: How to Apply for Section 7(a) and Section 7(b) loans
Major Update to Section 16 Unemployment Insurance Programs
Updates to Section 24 Section 2301 Recovery Rebates for Individuals
Added Section 25 Additional Resources
Various other minor updates
