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FEDERAL TAX LAW UPDATE

U.S. Senate’s Massive COVID-19 Relief Package Assists Small Businesses

On Wednesday, March 25, 2020, the United States Senate unanimously approved a $2 trillion relief package aimed at dulling the sharp economic pains many businesses and employees are experiencing as a result of the COVID-19 pandemic. The relief package expands on a previous Republican legislative proposal referred to as the CARES Act—the Coronavirus Aid, Relief, and Economic Security Act.

The relief package, which will be voted on in the United States House of Representatives on Friday, March 27, 2020, provides for direct payments to middle and lower income households, raises the maximum unemployment insurance benefit by $600 and expands the ranks of those who can apply for unemployment benefits, provides $150 billion in funding for the healthcare system and $150 billion in funding for state and local governments, and provides $350 billion in the form of loans for small businesses. Regarding small business loans, the Senate’s relief package addresses (i) small business eligibility and general loan provisions and (ii) loan forgiveness procedures, as follows:

(i) Small Business Loan Provisions

(ii) Loan Forgiveness Provisions

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