CARES Act 2020

There are many components to the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act signed by President Trump on March 27, 2020. We have worked hard to compile as many resources as we can to inform you on the various components. This is by no means an exhaustive list and it is constantly evolving. Please feel free to share other resources you have found along the way!

If you have specific questions regarding your plan or situation, please call our office at 440.349.5110.

Key 2020 CARES Act Provisions

• Individuals
  

Recovery Rebates: Check the irs.gov site frequently. No action needed for most people.

SCAM ALERTS: PLEASE be careful. If you are not sure call us and we will help!

Filing Extension: Filing and Payment deadline extended to July 15.

Unemployment for State of Ohio: find application and How To Videos on the ohio.gov site.

Unemployment FAQs: learn the answers to just about all your questions here

Job Search: a resource for both job seekers and employers

Early distributions from retirement plans: penalties waived and easier loans. Please note that just because you can doesn't mean you should. CALL US first to talk it through!

• Businesses
  

Payroll Taxes: provides small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for leave related to COVID-19.

Employee Retention Credit: The CARES Act is designed to keep employees on the payroll despite the economic hardship of CoVid-19.

Small Business Guidance & Loan Resources: Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy. Below are some funding options from the SBA to help with relief.

• USCC Small Biz Guide and Checklist
• Payroll Protection Program
  
• Economic Injury Disaster Loan (EIDL)
  
• SBA Express Bridge Loan
  
• SBA Small Business Debt Relief Program
  

PPE Supplies: Another great resource from Ohio's Governor. At this site manufacturers can view the list of PPE needed to fight COVID-19 and determine if your manufacturing firm has potential competencies and capacity to contribute to the supply chain.