Compelled by the desperate times, the U.S. government has enacted by statute and dictated by other means many relief provisions aimed at propping up the economy and providing specific reliefs for the many millions of Americans and U.S. businesses tragically affected by the financial fallout of the COVID-19 pandemic.
Some of the most important relief efforts are embedded in two laws: Families First Coronavirus Response Act (FFCRA), enacted on March 18, 2020, and Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted March 27, 2020.
Below, you can find succinct summaries of key provisions of these two laws. HM&M’s Pearl Balsara, Senior Manager, prepared these summaries – an outline describing highlights of the FFCRA and a table comparing a number of relief provisions in the CARES Act with law before the CARES Act.
We’ve published papers on a good number of the topics covered by these two new documents. These new resources summarize well the salient points of the laws and of our initial interpretations. Please click below to download these resources.
Highlighs of the FFCRACARES Act Comparison
Some of the provisions in the new statutes call for immediate action. Some require implementing changes that are retroactive and that may affect 2019, 2018, and prior years’ tax returns. Others require additional guidance in order for you to comply with new laws.
Please contact your HM&M advisor to discuss how these new laws and other provisions affect you and, where applicable, your business. Find out how you can access these relief provisions.
For more information check out HM&M’s COVID-19 Resources page.
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