The sooner federal policymakers or regulators clarify tax questions about the Paycheck Protection Program (PPP), the more certainty firms will have when they accept the economic relief to keep their businesses afloat.
3 min read
In addition to providing economic relief to individuals and loans to businesses struggling during the coronavirus crisis, the CARES Act changed several tax provisions to increase liquidity to ensure firms survive a large decline in cash flow.
7 min read
If states fail to update their income tax conformity, they will wind up taxing the federal lifeline to small businesses in the CARES Act: the Paycheck Protection Program (PPP) loans.
3 min read
Some policymakers are proposing a payroll tax holiday for businesses and individuals for 2020 and a complete delay in filing deadlines for tax year 2019 and 2020 to April 2021. What are the pros and cons of doing so?
4 min read
The small business provisions in the CARES Act support small businesses and nonprofits seeking economic relief during this downturn. However, creating multiple programs with overlapping purposes and differing qualification requirements makes relief more complicated, vague, and not neutral.
6 min read
Due to a quirk of some state tax codes, the recovery rebates in the CARES Act could increase your income tax liability in six states: Alabama, Iowa, Louisiana, Missouri, Montana, and Oregon.
4 min read
Many small business owners are seeking guidance as they apply for loans backed by the Small Business Administration (SBA) to help maintain cash flow and retain workers even as more states announce new quarantine and shelter-in-place orders.
5 min read
State and local governments across the country split $150 billion in federal aid under a provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act, passed on March 30th.
7 min read
Policymakers must weigh the trade-offs of subsidizing unemployment with mitigating community spread of coronavirus.
6 min read
To be eligible for federal funding, state expenditures must meet certain conditions. We break down the state aid coronavirus provisions in the latest federal bill.
5 min read