The Federal CARES Act, The Largest Stimulus Bill In History – How This Immediately Impacts Your Business
March 28, 2020–This afternoon, the president signed the CARES Act into law. It provides relief for business and employees struggling with the economic fallout of the COVID-19 pandemic. Small and mid-size businesses (and even some very large businesses in certain industries) may be eligible for Paycheck Protection Program loans administered by the Small Business Administration.
These loans can be used to pay employees and meet other operating costs, such as rent or mortgage obligations. Even better, loans related to payroll expenses are forgivable in the amount that employees and their full payment amounts are maintained. Many businesses may also be eligible for a 50% payroll tax credit if they are subject to a shutdown order or have suffered a substantial loss in revenue compared to the same quarter in 2019. For those businesses that are unable to retain employees, unemployment benefits are expanded and considerably more generous for the next four months.
If you have questions about whether you may be eligible for a Paycheck Protection Program loan and the deadline to apply for a Paycheck Protection Program loan is June 30, 2020.
McDonald Carano’s Employment & Labor Law Group can help you and your business analyze and navigate how the benefits and implications.
About McDonald Carano
McDonald Carano has helped to shape the Nevada business and legal landscape for 70 years. With more than 60 lawyers and government affairs professionals in our offices in Las Vegas and Reno, we are Nevada's law firm for business. We proudly represent Fortune 500 companies, financial and governmental institutions, fast-growth and mid-market companies, entrepreneurs, start-up ventures, non-profit organizations and individuals. Our attorneys deliver cross-discipline, one-stop, commercial law and government affairs counsel. Our dedication to clients, innovative thinking and practical solutions based in sound business and legal judgments are at the heart of our practice. For more information, visit mcdonaldcarano.com, call 775.788.2000 (Reno office), or 702.873.4100 (Las Vegas office) or reach us by email at email@example.com.
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