US Senate Passes Act to Increase Funding to Small Businesses
March 26, 2020—The U.S. Senate has passed the third coronavirus stimulus package, H.R. 748, the Coronavirus Aid, Relief & Economic Security Act (CARES Act), according to a press release from the Automotive Service Association (ASA).
The act includes increased funding and relief for small businesses and loan forgiveness programs.
According to the bill, provisions provide a refundable payroll tax credit for 50 percent of wages paid by employers to employees during the COVID-19 crisis. The credit is available to employers whose operations were fully or partially suspended, due to a COVID-19- related shut-down order, or gross receipts declined by more than 50 percent when compared to the same quarter in the prior year.
To find more information on the provisions, here is a highlighted list and summary provided by ASA.