What’s in the 2020 Coronavirus Relief Law CARES Act?

The law appropriated $349 billion to support small businesses’ efforts to maintain their payrolls and some overhead expenses through the emergency. Department of Education, reduced interest rates to 0%, and stopped collections on defaulted loans. This pause on payments and interest was extended numerous times, but came to an end in September 2023 when interest began to accrue again with payments beginning in October 2023. There is still help available, however, through the Treasury Emergency Rental Assistance Program.

• If you need help or advice about claiming the credit, correcting your tax return, withdrawing your ERC claim or applying for the ERC-VDP, the IRS urges you to seek out a reputable tax professional.
• Identify potential mechanisms to incorporate novel payment designs similar to those in development in commercial insurance plans and State plans under title XIX of the Social Security Act (42 U.S.C. 1396r et seq.) into the Medicare program.
• The Secretary of the Treasury shall pay to each possession of the United States which does not have a mirror code tax system amounts estimated by the Secretary of the Treasury as being equal to the aggregate benefits (if any) that would have been provided to residents of such possession by reason of the amendments made by this section if a mirror code tax system had been in effect in such possession.
• In subsection (q), as so redesignated, by striking this section— and all that follows through the end of paragraph (2) and inserting this section $29,000,000 for each of fiscal years 2021 through 2025..
• If your 2020 income qualifies you for the rebate, you can claim the credit when you file your taxes next year.
• Not later than 15 days after the date on which a lender receives an application for loan forgiveness under this section from an eligible recipient, the lender shall issue a decision on the an application.
• The description required under paragraph (2)(C) provides insufficient information to demonstrate that the waiving of such requirements is necessary or appropriate consistent with subsection (a).

The amendments made by this section shall apply to taxable years beginning after December 31, 2019. For purposes of subparagraph (B), the term controlled group means any group treated as a single employer under subsection (b), (c), (m), or (o) of section 414 of the Internal Revenue Code of 1986. The amount of payments made during the covered period on debt obligations that were incurred before the covered period. Qualified family leave wages for which a credit is allowed under section 7003 of the Families First Coronavirus Response Act. The Administrator shall make publicly available the methodology by which the Administrator and resource partners jointly develop the metrics and goals described in subparagraph (A).

Direct Payment to Taxpayers

For those seeking assistance on their mortgage or rent payments, the National Low Income Housing Coalition provides a searchable list of such programs available on its website. The law allocated $175 billion to states and localities battling the pandemic and $185 billion more for the health care system. Contact the Small Business Administration, which also has other loan programs and resources to help small businesses through the pandemic.

The Secretary shall establish and maintain an up-to-date list of devices that are determined by the Secretary to be in shortage in the United States. For purposes of section, the term excise tax holiday period means the period beginning after the date of the enactment of this section and ending before January 1, 2021. No election may be made under clause (i) with respect to any taxable year beginning in 2020 if such taxable year is a short taxable year. The amendment made by this section shall apply to taxable years beginning after December 31, 2017. Deductions for losses from sales or exchanges of capital assets shall not be taken into account under subparagraph (A)(i). Section 461(l)(1) of the Internal Revenue Code of 1986 is amended by striking December 31, 2017 and inserting December 31, 2020.

National Debt Clock

The $350 billion Paycheck Protection Program lends up to $10 million to small businesses with fewer than 500 employees. The Coronavirus Aid, Relief, and Economic Security (CARES) Act (2020) and the Coronavirus Response and Consolidated Appropriations Act (2021) provided fast and direct economic assistance for American workers, families, small businesses, and industries. To provide for the reconciliation of such advance payment with the amount advanced at the time of filing the return of tax for the taxable year. The Secretary of the Treasury (or the Secretary’s delegate) shall waive any penalty under section 6656 of the Internal Revenue Code of 1986 for any failure to make a deposit of the tax imposed by section 3111(a) or 3221(a) of such Code if the Secretary determines that such failure was due to the anticipation of the credit allowed under this section. Section 5111(2) of the Emergency Paid Sick Leave Act (division E of the Families First Coronavirus Response Act) is amended by striking section 5102(a)(5) and inserting paragraphs (4) and (5) of section 5102(a)(5).

The term specified date means the date that is 15 business days after the date on which a recommendation is made relating to the immunization as described in such paragraph. The term shortage, with respect to a device, means a period of time when the demand or projected demand for the device within the United States exceeds the supply of the device. Does not include interruptions in manufacturing of components or raw materials so long as such interruptions do not result in a shortage of finished product and the manufacturer expects to resume operations in a reasonable or short period of time.

Retirement Security

October 1, 2025, the Comptroller General shall submit to Congress a report containing the preliminary results of the study conducted under paragraph (1), together with recommendations for such legislation and administrative action as the Comptroller General determines appropriate. The designation by the Secretary of drugs and biological products as DISARM antimicrobial drugs. The State allocates the costs of any part of the use such model which is reimbursable under another federally funded program in accordance with OMB Circular A–87 (or any related or successor guidance or regulations regarding allocation of costs among federally funded programs) under an approved cost allocation program.

This section shall be in effect only for the length of the public health emergency declared by the Secretary of Health and Human Services (referred to in this section as the Secretary) pursuant to section 319 of the Public Health Service Act (42 U.S.C. 247d) on January 31, 2020 with respect to COVID-19. In this section, the terms group health plan, health insurance issuer, group health insurance coverage, and individual health insurance coverage have the meanings given such terms in section 2791 of the Public Health Service Act (42 U.S.C. 300gg–91). Not later than 60 days after the date of enactment of this Act, the Secretary of Health and Human Services shall enter into an agreement with the National Academies of Sciences, Engineering, and Medicine (referred to in this section as the National Academies) to examine, and, in a manner that does not compromise national security, report on, the security of the United States medical product supply chain. The Secretary shall, with respect to the loans and loan guarantees provided under section 3102, make such reports as are required under section 5302 or title 31, United States Code. In this section, the term total compensation includes salary, bonuses, awards of stock, and other financial benefits provided by an eligible business to an officer or employee of the eligible business.

To facilitate implementation of subparts 1 and 2 of part C of title III of the Older Americans Act of 1965 (42 U.S.C. 3030d–2 et seq.) during any portion of the COVID-19 public health emergency declared under section 319 of the Public Health Service Act (42 U.S.C. 247d), the Assistant Secretary shall waive the requirements for meals provided under those subparts to comply with the requirements of clauses (i) and (ii) of section 339(2)(A) of such Act (42 U.S.C. 3030g–21(2)(A)). The health care professional rendered the health care services under the influence (as determined pursuant to applicable State law) of alcohol or an intoxicating drug. For the time in which the public health emergency under section 319 of the Public cares act s.3548 Health Service Act (42 U.S.C. 247d) related to the coronavirus (COVID-19), declared by the Secretary of Health and Human Services (referred to in this section as the Secretary) on January 31, 2020, is in place (or such other period of time determined by the Secretary), tests intended to diagnose COVID–19 that are described in subsection (b) may be lawfully marketed in accordance with this section. A respiratory protective device that is approved by the National Institute for Occupational Safety and Health under part 84 of title 42, Code of Federal Regulations (or any successor regulations), and that the Secretary determines to be a priority for use during a public health emergency declared pursuant to section 319.

• The Secretary shall suspend all payments due for loans made under part D of title IV of the Higher Education Act of 1965 (20 U.S.C. 1087a et seq.) for 3 months.
• The Secretary shall, subject to the provisions of this title, refund or credit any overpayment attributable to this section as rapidly as possible.
• The amendments made under this section shall apply under title XIX of the Social Security Act in the same manner and to the same extent as such requirements apply under title XVIII of such Act or regulations promulgated thereunder.
• To facilitate implementation of subparts 1 and 2 of part C of title III of the Older Americans Act of 1965 (42 U.S.C. 3030d–2 et seq.) during any portion of the COVID-19 public health emergency declared under section 319 of the Public Health Service Act (42 U.S.C. 247d), the Assistant Secretary shall waive the requirements for meals provided under those subparts to comply with the requirements of clauses (i) and (ii) of section 339(2)(A) of such Act (42 U.S.C. 3030g–21(2)(A)).

In the case of a corporation, the due date for any required installment under section 6655 of the Internal Revenue Code of 1986 which (but for the application of this section) would be due during the applicable period shall not be due before October 15, 2020, and all such installments shall be treated as one installment due on such date. The Secretary of the Treasury (or the Secretary’s delegate) shall prescribe such regulations or other guidance as may be necessary to carry out the purposes of this section. Except as otherwise provided in paragraph (2), qualified contributions shall be disregarded in applying subsections (b) and (d) of section 170 of the Internal Revenue Code of 1986. In the case of taxable years beginning in 2020, the amount (not to exceed $300) of qualified charitable contributions made by an eligible taxpayer during the taxable year . If this subsection applies to any amendment to any plan or annuity contract, such plan or contract shall be treated as being operated in accordance with the terms of the plan during the period described in paragraph (2)(B)(i).