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Greenbaum, Rowe, Smith & Davis LLP Client Alert

On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law.

Title II of the Act encompasses "Assistance for American Workers, Families and Businesses" and is broken out into three sections: Subtitle A: Unemployment Insurance Provisions; Subtitle B: Rebates and Other Individual Provisions; and, Subtitle C: Business Provisions.

The following summarizes key provisions of Title II providing relief to both businesses and individuals under the CARES Act.

Subtitle A: Unemployment Insurance Provisions

Subtitle A addresses relief provisions for individuals deemed "unemployed" under the CARES Act.

Additional $600 Per Week and No "Waiting" Week for State Eligible Unemployed

Additional 13 weeks of Unemployment Benefits to All Unemployment Benefits Recipients

Unemployment Benefits for Many Currently Ineligible for Benefits

Short-Time Compensation Program or "Work Sharing"

Subtitle B: Rebates and Other Individual Provisions

Subtitle B addresses relief provisions for individuals under the CARES Act.

2020 Recovery Rebates to Individuals

Enhanced Access to Retirement Funds

Increased Participant Loan Limits and Repayment

Charitable Contributions

Subtitle C: Business Provisions

Subtitle C addresses relief provisions for employers and businesses under the CARES Act.

Employee Retention Credit

Amount of Tax Credit under Section 2301

Deferral of Payroll Taxes

Net Operating Losses

Alternative Minimum Tax

Please contact the following co-authors of this Alert with questions or to discuss your specific personal or business circumstances:

Karen A. Evans
Counsel: Tax, Trusts & Estates Department
kevans@greenbaumlaw.com  |  732.476.2480

Jemi Goulian Lucey
Partner: Litigation Department
Member: Employment Law Practice Group
jlucey@greenbaumlaw.com  |  732.476.2502

Maja M. Obradovic
Partner: Litigation Department
Co-Chair: Employment Law Practice Group
mobradovic@greenbaumlaw.com  |  732.476.2454

Thomas C. Senter
Partner: Tax, Trusts & Estates Department
Chair: Employee Benefits & Executive Compensation Practice Group
Co-Chair: Employment Law Practice Group
tsenter@greenbaumlaw.com | 732.476.2650