The CARES Act and Relief for Businesses Impacted by COVID-19
On Friday, March 27, President Trump signed into legislation the Coronavirus Aid, Relief and Economic Security Act (CARES) Act. The $2.2 trillion legislation represents the largest stimulus package in U.S. history—dwarfing the $800 billion package signed during the 2008 financial crisis—and provides a variety of economic relief measures to mitigate the impact of the coronavirus pandemic on American society. The Act provides for five options for businesses in search of relief, which are listed below for consideration:
- Paycheck Protection Program (SBA 7a Loan)
- Employer Payroll Taxes
- Employee Payroll Tax Credit
- Economic Injury Disaster Loan (SBA 7b Loan)
- Economic Stabilization Fund
The CARES Act and Virtual Accounting: Benefits of Outsourcing Your Accounting to CPAs
Many businesses already operate with a remote workforce but those that rely on paper-based office operations now wonder about the right technologies and virtual workflows to invest in. For the past several years, CBM has delivered outsourced accounting and consulting services to emerging and mid-sized organizations, using tools to accomplish such goals as:
- Digital and cloud-based solutions
- Project/task management
- Streamlined accounting functions
- Maximizing Microsoft applications in a remote environment
CBM will continue to provide breaking news to clients and friends of the firm as the very fluid COVID-19 situation develops, and we encourage you to keep an eye out for future alerts dedicated to the impact of the CARES Act.
We hope you all stay safe during this unprecedented time.
Please contact Dominick Bellia via our online contact form if we can be of assistance.
Councilor, Buchanan & Mitchell (CBM) is a professional services firm delivering tax, accounting and business advisory expertise throughout the Mid-Atlantic region from offices in Bethesda, MD and Washington, DC.
