Opportunities for Small Business in the CARES Act of 2020

Opportunities for Small Business in the CARES Act of 2020

Apr 13, 2020

Client Alert

Brownstein Client Alert, April 13, 2020

This is an updated version of a previously published Brownstein client alert, based on various guidance issued since the date of original publication. 

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides assistance to small businesses impacted by COVID-19. Congress did not, however, provide a one-size-fits-all solution. Instead, small businesses must determine their eligibility for various assistance programs. This guide outlines the provisions in the Act to help small businesses determine whether to proceed with an application for a loan, how to claim an elective tax incentive, and how to comply with certain changes in the tax code.

In addition to the CARES Act, President Trump signed into law the Families First Coronavirus Response Act (FFCRA) of 2020, which imposes a mandate on many small businesses to provide paid sick leave and paid expanded Family and Medical Leave Act benefits. Qualified wages under these programs are eligible for a 100% refundable payroll tax credit to help small businesses cover most of the costs. This document also provides information on the mandates and tax credits in the FFCRA.

For more information on any of these provisions, contact the Brownstein COVID-19 Small Business Team. 

Please click here for our full analysis.  

Click here to read more Brownstein alerts on the legal issues the coronavirus threat raises for businesses.

This document is intended to provide you with general information regarding economic updates related to coronavirus. The contents of this document are not intended to provide specific legal advice. If you have any questions about the contents of this document or if you need legal advice as to an issue, please contact the attorneys listed or your regular Brownstein Hyatt Farber Schreck, LLP attorney. This communication may be considered advertising in some jurisdictions.

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Andrew C. Elliott Shareholder T 303.223.1154 aelliott@bhfs.com
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Harold Hancock Shareholder T 202.383.4422 hhancock@bhfs.com
Charlie A. Iovino Senior Policy Advisor and Counsel T 202.383.4424 ciovino@bhfs.com
Gregory M. Janssen Associate T 303.223.1288 gjanssen@bhfs.com
Russell W. Sullivan Shareholder T 202.383.4423 rsullivan@bhfs.com
Daniel Joseph Policy Advisor T 202.216.4864 djoseph@bhfs.com
Michael P. Marn Policy Assistant T 202.652.2355 mmarn@bhfs.com
Radha Mohan Policy Advisor and Associate T 202.383.4425 rmohan@bhfs.com